Question 19 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 7 of +2- Part

Question 19 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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  5,000 Cash in hand  7,000
Provision for bad debts  500 Sundry Debtors  12,000
X’s Capitals A/c 15,000 Stock  10,000
Y’s Capitals A/c  10,000 Furniture  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: –

Realisation A/c
Particulars
Amount Particulars Amount
To Sundry Debtors A/c   12,000 By Trade creditors   5,000
To Stock A/c   10,000 By provision for bad debts   500
To furniture A/c   6,500 Debtors   10,000
To Cash A/c     Furniture   6,000
Creditors   4,500 Stock   11,000
Expenses   100      
      By capital A/c – loss :    
      X 300  
      Y 200  
      Z 100 600
    33,100     33,100
Partners’ Capital Account   
Particulars X Y Z Particulars X Y Z
To Realisation A/c – Loss 300 200 100 By Balance b/d 15,000 10,000 5,000
               
To Cash A/c 14,700 9,800  4,900        
  15,000 10,000 5,000   15,000 10,000 5,000
Cash Account 
Particulars Amount Particulars Amount
To balance b/d   7,000 By Realisation A/c    
To Realisation A/c     Creditors   4,500
Stock   11,000 Expenses   100
Furniture   6,000 By X’s capital A/c   14,700
Debtors   10,000 By 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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