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Question 22 Chapter 7 of +2 Part-1 – USHA Publication

Q-22. - CH-7 - Usha +2 Book 2018 - Solution

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Question 22 Chapter 7 of +2 Part-1 – USHA

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22. (Realisation A/e/Bank A/c/Capital A/e) X, Y and Z were in partnership 7 : 2 : 1 and the balance sheet of the firm on 31 December 2018 was:

Liabilities Rs.Assets Rs. 
Capitals  Stock 11,240
X12,410Debtors 8,740
8,650Goodwill 10,000
Z80,620Patents 38,080
Creditors 11,210Bank 1,210
Plant deprecation reserve 20,000100 shares in X Ltd. At cost2,400
  1000 shares in Ltd. At cost10,000
  Plant 31,220
 1,32,890 1,32,890

It was agreed to dissolve the Partnership and the terms of dissolution were :

  1. X to take over the building at an agreed figure of Rs. 31,500.
  2. Y who was to carry on business, to take over the goodwill, stock and debtors at book values, the patents at Rs. 30,000 and the plant at Rs. 5,000. He was also to pay off the creditors.
  3. Z to take over shares in X Ltd. at Rs. 15 each.
  4. The shares in Y Ltd. are to be divided in the Profit sharing ratio.
    Give the necessary Ledge accounts recording the dissolution in the books of the firm

We are providing a solution of Question 22 Chapter 7 of +2 Part-1 – USHA 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:-

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The video consists solution of question numbers from 21 to 22 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 22 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 22 Chapter 7 of +2 Part-1 – USHA: –

Realisation A/c
Particulars
AmountParticularsAmount
To Building 20,000By Sundry creditors 11,210
To Plants 31,220By Plant depreciation reserve 20,000
To Goodwill 10,000By X’s Capital A/c  
To Shares in X Ltd. 2,400Building31,500 
To Stock in Y Ltd. 10,000Shares in Y Ltd.7,00038,500
To Stock 11,240By Y’s Capital A/c  
To Debtors 8,740Goodwill10,000 
To Patents 38,080Stock11,240 
To Y’s capital A/c (creditors) 11,210Debtors8,740 
   Patents30,000 
   Plants5,000 
   Shares in Y Ltd.2,00066,980
   By Z’s Capital A/c  
   Shares in X Ltd.1,500 
   Shares in Y Ltd.1,0002,500
      
   By capital A/c – loss :  
   X2,590 
   Y740 
   Z3703,700
  1,42,890  1,42,890
Bank A/c
ParticularsAmountParticularsAmount
To balance b/d 1,210By Z’s capital A/c 77,750
To X’s capital A/c 28,680   
To Y’s capital A/c 47,860   
      
      
      
  77,750  77,750
X’s capital accounts
ParticularsAmountParticularsAmount
To Realisation A/c  By Balance b/d 12,410
 -building31,500 By Bank A/c 28,680
 -shares in Y ltd.7,00038,500   
To Realisation A/c loss 2,590   
      
      
  41,090  41,090
Y’s capital accounts
ParticularsAmountParticularsAmount
To Realisation A/c  By Balance b/d 8,650
Goodwill10,000 By Realisation A/c  
Stock11,240 Creditors 11,210
Debtors8,740 By Bank A/c 47,860
Patents30,000    
Plants5,000    
Shares in Y Ltd.2,00066,980   
To Realisation A/c loss 740   
      
  67,760  67,760
Z’s capital accounts
ParticularsAmountParticularsAmount
To Realisation A/c  By Balance b/d 80,620
Shares in X Ltd.1,500    
Shares in Y Ltd.1,0002,500   
To Realisation A/c loss 370   
To Bank A/c 77,750   
      
  80,620  80,620

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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