Question 19 Chapter 7 of +2- Part

Question 19 Chapter 7 of +2-Part-1

19. (Realisation A/e/Partner’s Capital A/e/Cash A/e) X, Y and Z Captal500 15,000Castion were in partnership sharing profits and losses as 3 :2 :1. The Balance sheet as at 31 December 2016 as follows :

Liabilities Rs.Assets Rs. 
Trade Creditors 5,000Cash in hand 7,000
Provision for bad debts 500Sundry Debtors 12,000
X’s Capitals A/c15,000Stock 10,000
Y’s Capitals A/c 10,000Furniture 6,500
 Z’s Capitals A/c 5,000  
 35,500 35,500

They decided to dissolve the firm on the same day The assets realised and liabilities were paid as follows :
Trade creditors settled for Rs. 4,5000
Stock Rs. 11,000
Furniture Rs.6,000
Sundry Debtors Rs. 10,000
Expenses on Realisation were Rs. 100
Show the realisation amount, partners’ capital accounts and cash account.

The solution of Question 19 Chapter 7 of +2 Part-1: –

Revaluation A/c
To Sundry Debtors A/c 12,000By Trade creditors 5,000
To Stock A/c 10,000By provision for bad debts  
To furniture A/c 6,500By cash A/c  
To Cash A/c  Debtors 11,000
Creditors 4,500Furniture 6,000
Expenses 100Stock 10,000
   By capital A/c – loss :  
  33,100  33,100
Partners’ Capital Account  
To Realisation A/c – Loss300200100By Balance b/d15,00010,0005,000
To Cash A/c14,7009,800 4,900    
 15,00010,0005,000 15,00010,0005,000
Cash Sheet
To balance b/d 7,000By Realisation A/c  
To Realisation A/c  Creditors 4,500
Stock 11,000Expenses 100
Furniture 6,000By X’s capital A/c 14,700
Debtors 10,000By Y’s capital A/c 9,800
   By Z’s capital A/c 4,900
  34,000  34,000

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 - Question 19 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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