
Question 21 Chapter 7 of +2-Part-1
21. (Realisation A/c/Bank A/c/Capital A/e) A and B are partners in 2:1 ratio. They dissolved their business on 30th Sept, 2018.
Liabilities | Rs. | Assets | Rs. |
Capitals | Cash at bank | 8,000 | |
A | 35,000 | Stock | 12,000 |
B | 25,000 | Debtors 30,000 | |
A’s current A/c | 13,000 | Provision 2,000 | 28,000 |
General Reserve | 6,000 | Furniture | 13,000 |
Creditors | 21,000 | Machinery | 40,000 |
Bills payable | 1,000 | ||
1,01,000 | 1,01,000 |
Stock was taken over by A at 20% less Furniture and Machinery realised at book value Bad debts were Rs. 4,000. Expenses of dissolution were Rs. 3,000, of this half were paid by Bills payable and creditors were settled at Rs. 2,000 discount.
Show Realisation Account, Bank Account and Capital Account .
The solution of Question 21 Chapter 7 of +2 Part-1: –
Realisation A/c |
|||||
Particulars |
Amount | Particulars | Amount | ||
To Debtors A/c | 12,000 | By provision for bad debts | 12,000 | ||
To Stock A/c | 30,000 | By creditors | 21,000 | ||
To furniture A/c | 13,000 | By Bills payable | 1,000 | ||
To machinery A/c | 40,000 | By A’s Capital A/c – Stock | 9,600 | ||
To Cash A/c | By bank A/c | ||||
Creditors | 1,500 | Debtors | 26,000 | ||
Expenses | 19,000 | Furniture | 13,000 | ||
Bills payable | 1,000 | 21,500 | Machinery | 40,000 | 79,000 |
To B’s Capital A/c – Expense | 1,500 | ||||
By capital A/c – loss : | |||||
A | 3,600 | ||||
B | 1,800 | 5,400 | |||
1,18,000 | 1,18,000 |
Partners’ Capital Account | |||||
Particulars | A | B | Particulars | A | B |
To Realisation A/c | By Balance b/d | 35,000 | 25,000 | ||
-stock | 9,600 | – | By current A/c | 13,000 | |
-loss | 3,600 | 1,800 | By Realisation A/c | 1,500 | |
By general reserve | 4,000 | 2,000 | |||
To Cash A/c | 38,800 | 26,700 | |||
52,000 | 28,500 | 52,000 | 28,500 |
Bank A/c |
|||||
Particulars | Amount | Particulars | Amount | ||
To balance b/d | 8,000 | By Realisation A/c | |||
To Realisation A/c -Assets realised | 79,000 | Expenses | 1,500 | ||
Creditors & bills payable | 20,000 | ||||
By A’s capital A/c | 38,800 | ||||
By B’s capital A/c | 26,700 | ||||
87,000 | 87,000 |
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
