Question 24 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 7 of +2- Part
Q-24. - CH-7 - Usha +2 Book 2018 - Solution


Question 24 Chapter 7 of +2-Part-1


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 11,500Furniture  & fixtures3,000
General reserve  5,000Stock 13,000
Capital  A/c Debtors                 20,000  
A10,000Less provision      1,00019,000
B8,000Cash 1,000
 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:

1. Check out the Solution of this question in Video Format:-

2. Check out the Solution of this question in Article Format: –

The solution of Question 24 Chapter 7 of +2 Part-1: –

Revaluation A/c
To Debtors A/c 20,000By Sundry Creditors A/c 11,500
To Stock A/c 13,000By Provision A/c – 1,000
To furniture & fixtures A/c 3,000By Cash A/c  
To Cash A/c  Debtors 12,000
Creditors 10,450Furniture & fixtures 1,000
Expenses 3,050Stock 10,000
Liability for damages 1,000   
   By loss  
   A 7,500
   B 4,500
   C 3,000
  50,500  50,500
Cash A/c
To balance b/d 1,000By Realisation A/c  
To Realisation A/c  Expenses 1,000
Debtors 1,000Creditors 10,450
Furniture & fixtures 10,000Liability for damages 3,050
Stock 12,000By A’s capital A/c 5,000
To C’s Capital A/c 500By B’s capital A/c 5,000
  24,500  24,500
Partners’ Capial A/c
To Realisation A/c – loss7,5004,5003,000By Balance b/d100008,0001,500
To Cash A/c5,0005,000By General Reserve2,5001,5001,000
    By Cash A/c500
 12,5009,5003,000 12,5009,5003,000

Comment if you have any questions
Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

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



error: Content is protected !!