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Question 18 Chapter 7 of +2-Part-1
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18. (Realisation A/c/Partner’s Capital A/e) X. Y and Z are three partners. Their sharing ratio was 3:2: 1. Their balance sheet on 30th September 2015 was as under
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 5,000 | Stock | 5,000 |
| Z’s loan A/c | 3,000 | Debtors | 10,000 |
| X’s current A/c | 1,000 | Goodwill | 15,000 |
| Z’s current A/c | 500 | Furniture | 4,000 |
| Capitals | Cash | 1,000 | |
| X | 15,000 | Y’s current A/c | 5,000 |
| Y | 5,500 | ||
| Z | 10,000 | ||
| 40,000 | 40,000 |
Firm was dissolved on above date :
- Goodwill was purchased by Z for Rs. 12,000.
- X purchased stock for Rs. 6,000
- Realisation from debtors was 10%less.
- Furniture was auctioned for Rs. 3,000.
- Dissolution expenses were Rs. 500.
- Partners will pay cash, if necessary.
- Creditors were paid in full.
Prepare realisation account and partners capital accounts.
We are providing a solution of Question 18 Chapter 7 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 17 to 18 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 18 from the flowing video by using time stamps of the video.
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2. Check out the Solution of this question in Article Format:-
The solution of Question 18 Chapter 7 of +2 Part-1: –
| Realisation A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Stock | 5,000 | By creditors | 5,000 | ||
| To Debtors | 10,000 | By Z’s Loan A/c | 3,000 | ||
| To goodwill A/c | 15,000 | By Cash A/c | |||
| To Furniture A/c | 4,000 | Debtors | 9,000 | ||
| To Cash | Furniture | 3,000 | 12,000 | ||
| Creditors | 5,000 | By X’s capital A/c- Stock taken over | 6,000 | ||
| Expenses | 500 | By Z’s capital A/c – Goodwill taken over | 12,000 | ||
| Z’s Loan A/c | 3,000 | ||||
| By capital A/c – loss : | |||||
| X | 2,250 | ||||
| Y | 1,500 | ||||
| Z | 750 | 4,500 | |||
| 42,500 | 42,500 | ||||
| Partners’ Capital Account | |||||||
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To Current A/c | 5,000 | By Balance b/d | 15,000 | 5,500 | 10,000 | ||
| To Realisation A/c- Goodwill /stock | 6,000 | 12,000 | By current A/c | 1,000 | 500 | ||
| To Realisation A/c -loss | 2,250 | 1,500 | 750 | By cash A/c | 1,000 | ||
| To Cash A/c | 7,750 | – | – | ||||
| 16,000 | 6,500 | 12,750 | 16,000 | 6,500 | 12,750 | ||
| Cash A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 1,000 | By Realisation A/c | |||
| To Realisation A/c Debtors | 9,000 | Creditors | 5,000 | ||
| Furniture | 3,000 | Expenses | 500 | ||
| To Y’s capital A/c | 1,000 | Z’s loan A/c | 3,000 | ||
| To Z’s capital A/c | 2,250 | By X’s capital A/c | 7,750 | ||
| 16,250 | 16,250 | ||||
Comment if you have any questions.
End of Solution
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The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
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Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication