Question No.24 Chapter No.7 T.S. Grewal 2 Book 2019 Solution min min - Question 24 Chapter 7 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1

Question 24 Chapter 7 of +2-A

24. Vnod, Vijay and Venkat are partners sharing profits and losses in the ratio of 3 : 2: 1. They decided to dissolve their firm on 31st March 2018, the date on which their Balance Sheet stood as:

Liabilities AmountAssets Amount
Creditors 17,000Bank 3,500
Bills Payable 12,000Stock 19,800
Vinod’s Loan 5,300Debtors15,000 
General Reserve 6,000Less: Provision for D. Debts1,00014,000
Capital A/cs:  Investments 4,000
Vinod25,000 Furniture 10,000
Vijay11,000 Machinery 33,000
Venkat8,00044,000   
  84,300  84,300

The following additional information is given: a The Investments are taken over by Vinod for 5,000
b

Assets realized as follows: 
Stock17,500
Debtors 14,500
Furniture6,800
Machinery30,300

c Expenses on realization amounted to 2,000. Close the books of the firm giving relevant Ledger Accounts.

 

The solution of Question 24 Chapter  7 of +2-A: –

 

Realization Account
Particular
AmountParticular Amount
Stock19,800Provision for Doubtful Debts 1,000
Debtors 15,000Creditor 17,000
Investments 4,000Bills Payable 12,000
Furniture 10,000Vinod’s Capital A/c 5,000
Machinery 33,000Bank A/c:  
Bank Expenses 2,000Stock17,500 
Bank Creditors 17,000Debtors14,500 
   Furniture6,800 
   Machinery36,00069,100
   Realization Loss  
   Vinod4,350 
   Vijay2,900 
   Venkat1,4508,700
  1,12,800  1,12,800

 

Partners’ Capital Account
Part.VinodVijayVenkat

Part.

VinodVijayVenkat
To Realization loss4,3502,9001,450By Balance B/d25,00011,0008,000
To Realization A/c5,000By General Reserve A/c3,0002,0001,000
        
        
To Balance c/d 18,65010,1007,550    
 28,00013,0009,000 28,00013,0009,000

 

Vinod’s Loan Account
Particular
AmountParticular Amount
Bank A/c5,300Balance b/d 5,300
      
      
      
  5,300  5,300

 

 

Bank Account
Particular
AmountParticular Amount
Balance b/d3,500Realization A/c Expenses 2,000
Realisation A/c Assets realised 69,100Realization A/c Creditors 17,000
   Realization A/c Bills Payable 12,000
   Vinod’s Loan A/c 5,300
   Vinod’s CapitalA/c 18,650
   Vijay’s Capital A/c 10,100
   Venkat’s Capital A/c 7,550
  72,600  72,600

 

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 24 Chapter 7 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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