Advertisement
Question 25 Chapter 7 of +2-Part-1
Advertisement
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 | 6,000 | Cash | 3,200 |
Loan | 1,500 | Debtors 24,200 | |
Capital A/c | Less provision 1,200 | 23,000 | |
A | 27,500 | Stock in trade | 7,800 |
B | 10,000 | Furniture | 1,000 |
C | 7,000 | Sundry 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:-
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 | Amount | Particulars | Amount | ||
To Debtors A/c | 24,200 | By creditors | 6,000 | ||
To Stock in trade A/c | 7,800 | By Provision A/c – | 1,200 | ||
To furniture A/c | 1,000 | By Loan A/c | 1,500 | ||
To Sundry Assets | 17,000 | By A’s capital A/c | 17,200 | ||
To A’s capital A/c (creditors) | 6,000 | Debtors | 800 | 18,000 | |
To C’s capital A/c | Furniture | ||||
Loan | 1,500 | By B’s capital A/c | |||
Accrued Interest | 30 | Stock in trade | 7,000 | ||
Sundry Assets | 7,200 | 14,200 | |||
By C’s capital A/c | 8,000 | ||||
By Cash A/c | 2,100 | ||||
By loss | |||||
A | 4,080 | ||||
B | 1,360 | ||||
C | 1,360 | ||||
57,800 | 57,800 |
Partners’ Capital Account | |||||||
Particulars | A | B | C | Particulars | A | B | C |
To Realisation A/c | By Balance b/d | 27,500 | 10,000 | 7,000 | |||
Assets | 18,000 | 14,200 | 8,000 | By realisation A/c | 6,000 | 1,530 | |
Loss | 4,080 | 1,360 | 1,360 | By Cash A/c | – | 5,560 | 830 |
To Bank A/c | 11,420 | – | – | ||||
33,500 | 15,560 | 9,360 | 33,500 | 15,560 | 9,360 |
Bank A/C | |||||
Particulars | Amount | Particulars | Amount | ||
To balance b/d | 3,200 | By Realisation A/c | |||
To Realisation A/c | 2,100 | Expenses | 270 | ||
To B’s capital A/c | 5,560 | By 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
- 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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Leave a Reply