Question 20 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 20 Chapter 7 of +2- Part

Question 20 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

20. (Realisation A/c/Partner’s Capital A/c/Cash A/c) Anju and Manju were trading an a firm sharing profits in the ratio of 9 :7 Firm’s. Balance sheet as on December 31, 2015 is given below :

Liabilities  Rs. Assets  Rs. 
Capitals    Bank  5,000
Anju  3,500 Debtors  4,700
Manju  2,750 Stock  2,300
Anju’s current A/c  300 Furniture  50
Creditors  12,000 Property  2,000
    Manju’s current A/c  1,000
  18,550   18,550

Firm was dissolved. Property realised Rs. 1,500. Bad debts amounted to Rs. 500. Stock realised Rs. 200 more than the book value. Furniture was taken over by Manju at Rs. 25. Creditors allowed Rs. 100 discount. Expenses came to Rs. 75.
Close the books of the firm.

The solution of Question 20 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
Amount Particulars Amount
To Debtors A/c   4,700 By Trade creditors   12,000
To Stock A/c   2,300 By cash A/c    
To furniture A/c   50 Debtors 1,500  
To property A/c   2,000 Property 4,200  
To Cash A/c     Stock 2,500 8,200
Creditors   11,900 By Manju’s Capital A/c   25
Expenses   75      
           
           
      By capital A/c – loss :    
      Anju 450  
      Manju 350 800
    21,025     21,025
Partners’ Capital Account 
Particulars Anju Manju Particulars Anju Manju
To current A/c   1,000 By Balance b/d 3,500 2,750
To Realisation A/c     B7y Current A/c 300
-loss 450 350      
-furniture   25      
To Cash A/c 3,350 1,375      
  3,800 2,750   3,800 2,750
Bank A/c
Particulars Amount Particulars Amount
To balance b/d   8,500 By Realisation A/c    
To Realisation A/c   8,200 Creditors   11,900
      Expenses   75
      By Anju’s capital A/c   3,350
      By Manju’s capital A/c   1,375
           
    16,700     16,700

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 20 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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