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Question 19 Chapter 7 of +2-Part-1
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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.
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We are providing a solution of Question 19 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 19 to 20 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 19 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 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 | ||
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| 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
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
