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Question 24 Chapter 7 of +2-Part-1
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24. (Realisation A/c/Partner’s Capital A/c/Cash A/e) A, B and C were sharing profits & losses in the ratio of 5: 3:2. On 1st January, 2016, their Balance sheet was as under :
| Liabilities | Rs. | Assets | Rs. |
| Sundry Creditors | 11,500 | Furniture & fixtures | 3,000 |
| General reserve | 5,000 | Stock | 13,000 |
| Capital A/c | Debtors 20,000 | ||
| A | 10,000 | Less provision 1,000 | 19,000 |
| B | 8,000 | Cash | 1,000 |
| C | 1,500 | ||
| 36,000 | 36,000 |
The firm was dissolved on that date. The assets realised were as under –
Furniture and fixtures Rs. 1,000
Stock Rs. 10,000
Debtors Rs. 12,000
Rs. 500 of the creditors were not to be paid and the remaining creditors were paid at a discount of 5%. It was found, however, that there was a liability for Rs. 3,050 for damages, which had to be paid. The expenses amounted to Rs. 1,000. Give ledger accounts to close the books of the firm
We are providing a solution of Question 24 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:
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The solution of Question 24 Chapter 7 of +2 Part-1: –
| Realisation A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Debtors A/c | 20,000 | By Sundry Creditors A/c | 11,500 | ||
| To Stock A/c | 13,000 | By Provision for D/D | 1,000 | ||
| To furniture & fixtures A/c | 3,000 | By Cash A/c | |||
| To Cash A/c | Debtors | 12,000 | |||
| Creditors | 10,450 | Furniture & fixtures | 1,000 | ||
| Expenses | 1,000 | Stock | 10,000 | ||
| Liability for damages | 3,050 | ||||
| By loss transferred to Capital A/cs | |||||
| A | 7,500 | ||||
| B | 4,500 | ||||
| C | 3,000 | 15,000 | |||
| 50,500 | 50,500 | ||||
| Cash A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 1,000 | By Realisation A/c | |||
| To Realisation A/c | Expenses | 1,000 | |||
| Debtors | 1,000 | Creditors | 10,450 | ||
| Furniture & fixtures | 10,000 | Liability for damages | 3,050 | ||
| Stock | 12,000 | By A’s capital A/c | 5,000 | ||
| To C’s Capital A/c | 500 | By B’s capital A/c | 5,000 | ||
| 24,500 | 24,500 | ||||
| Partners’ Capital A/c | |||||||
| Particulars | A | B | C | Particulars | A | B | C |
| To Realisation A/c – loss | 7,500 | 4,500 | 3,000 | By Balance b/d | 10000 | 8,000 | 1,500 |
| To Cash A/c | 5,000 | 5,000 | — | By General Reserve | 2,500 | 1,500 | 1,000 |
| By Cash A/c | — | — | 500 | ||||
| 12,500 | 9,500 | 3,000 | 12,500 | 9,500 | 3,000 | ||
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Question 10 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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Question 22 Chapter 7 of +2 Part-1 – USHA Publication
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Question 28 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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Question 40 Chapter 7 of +2 Part – 1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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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)
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Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication