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Question 18 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 7 of +2- Part
Q-18. - CH-7 - Usha +2 Book 2018 - Solution

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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 5,000Stock 5,000
Z’s loan A/c 3,000Debtors 10,000
X’s current A/c1,000Goodwill 15,000
Z’s current A/c 500Furniture 4,000
Capitals  Cash 1,000
X15,000Y’s current A/c 5,000
5,500  
Z10,000  
 40,000 40,000

Firm was dissolved on above date :

  1. Goodwill was purchased by Z for Rs. 12,000.
  2. X purchased stock for Rs. 6,000
  3. Realisation from debtors was 10%less.
  4. Furniture was auctioned for Rs. 3,000.
  5. Dissolution expenses were Rs. 500.
  6. Partners will pay cash, if necessary.
  7. 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:-

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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.

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
AmountParticularsAmount
To Stock 5,000By creditors 5,000
To Debtors 10,000By Bank A/c  
To goodwill A/c 15,000Debtors9,000 
To Furniture A/c 4,000Furniture3,00012,000
To Cash  By X’s capital A/c- Stock taken over 6,000
Creditors 5,000By Z’s capital A/c – Goodwill taken over 12,000
Expenses 500   
   By capital A/c – loss :  
   X2,250 
   Y1,500 
   Z7504,500
  39,500  39,500
Partners’ Capital Account  
ParticularsXYZParticularsXYZ
To Current A/c 5,000 By Balance b/d15,0005,50010,000
To Realisation A/c- Goodwill /stock6,000 12,000By current A/c1,000 500
To Realisation A/c -loss 2,2501,500750By cash A/c 1,000 
        
To Cash A/c7,750–     
 16,0006,50012,750 16,0006,50012,750
Cash A/c
ParticularsAmountParticularsAmount
To balance b/d 1,000By Realisation A/c 2,950
To Realisation A/c Debtors 9,000Creditors 5,000
Furniture 3,000Expenses 500
To Y’s capital A/c 1,000By Z’s loan A/c 3,000
To Z’s capital A/c 2,250By X’s capital A/c 7,750
  16,250  16,250

Comment if you have any questions
Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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