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Question 25 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 7 of +2- Part
Q-25. - CH-7 - Usha +2 Book 2018 - Solution

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Question 25 Chapter 7 of +2-Part-1

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25. (Asset taken over by Partners/Realisation A/c/Partner’s Capital A/c/Cash A/e) A, B and C are three partners sharing profits in the ratio of 3: 1: 1 on 31 March, 2015 they decided to dissolve their firm. On that date their balance sheet was an under.

Liabilities Rs.Assets Rs. 
Creditors 6,000Cash3,200
Loan 1,500Debtors                 24,200  
Capital  A/c Less provision      1,20023,000
A27,500Stock in trade 7,800
B10,000Furniture  1,000
C7,000Sundry Assets 17,000
 52,000 52,000

It was agreed that
(i) A is to take over furniture at Rs. 800 and debtors amounting to Rs. 20,000 at Rs. 17,200; the creditors of Rs. 6,000 to be paid by him at this figure.
(ii) B is to take over all the stock in trade at Rs. 7,000 and some of the sundry assets at Rs. 7,200 Being 10% less than book value)
(iii) C is to take over the remaining Sundry Assets at 90% of the book value, less Rs. 100 as discount and assume the responsibility for the discharge of the loan together with accrued interest of Rs. 30 which has not been recorded in the books.
(iv) Expenses of dissolution were Rs. 270. The remaining debtors were sold to a debt collecting agency for 50% of the book value.
Prepare necessary accounts to close the books of the firm.

We are providing a solution of Question 25 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:-

Day 153 Solution of Questions 24 to 25 Dissolution of Partnership Firm Chapter 7 Accounts class 12

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

The solution of Question 25 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
AmountParticularsAmount
To Debtors A/c 24,200By creditors 6,000
To Stock in trade A/c 7,800By Provision for D/D 1,200
To furniture A/c 1,000By Loan A/c 1,500
To Sundry Assets 17,000By A’s capital A/c  
To A’s capital A/c (creditors) 6,000Debtors17,200 
To C’s capital A/c  Furniture80018,000
Loan 1,500By B’s capital A/c  
Outstanding Interest 30Stock in trade7,000 
To Cash A/c   Sundry Assets7,20014,200
Expenses 270By C’s capital A/c 8,000
   By Cash A/c 2,100
   By loss transferred to Capital A/cs  
   A4,080 
   B1,360 
   C1,3606,800
      
  57,800  57,800
Partners’ Capital Account 
ParticularsABCParticularsABC
To Realisation A/c   By Balance b/d27,50010,0007,000
Assets18,00014,2008,000By realisation A/c6,000 1,530
Loss4,0801,3601,360By Cash A/c 5,560830
        
To Bank A/c11,420    
 33,50015,5609,360 33,50015,5609,360
Bank  A/C
ParticularsAmountParticularsAmount
To balance b/d 3,200By Realisation A/c  
To Realisation A/c 2,100Expenses 270
To B’s capital A/c 5,560By A’s capital A/c 11,420
To C’s Capital A/c 830   
  11,690  11,690

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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