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Question 20 Chapter 7 of +2-Part-1
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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.
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We are providing a solution of Question 20 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. 20 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 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 | ||
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| 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
- 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
