Advertisement
Question 24 Chapter 7 of +2-Part-1
Advertisement
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:
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 | |||||
| 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 A/c – | 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 | 3,050 | Stock | 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 | |||||
| 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’ Capial 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
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
Advertisement-X
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
