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Question 26 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 26 Chapter 7 of +2- Part
Q-26. - CH-7 - Usha +2 Book 2018 - Solution

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Question 26 Chapter 7 of +2-Part-1

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26. (Realisation A/c/Partner’s Capital A/c/Cash A/e) L, M and N were partners in a firm sharing profits in the ratio of 2:2: 1. Balance sheet dated December 31, 2018 is as here under :

Liabilities Rs.Assets Rs. 
Creditors 4,000Cash 5,000
Reserve 10,000Debtors 4,000
Capital  A/c Stock 5,000
4,000Furniture 2,000
2,000Building 9,000
5,000  
 25,000 25,000

Assets realised as follows:
Building Rs. 8,500: Furniture Rs. 1,500 : Stock Rs. 7,000 and Debtors Rs. 3,700. Creditors were settled at 2% less. L agreed to bear all realisation expenses for a consideration of Rs. 120. An unrecorded asset was taken over by M at Rs. 400.
Prepare necessary accounts to close the firm’s books.

We are providing a solution of Question 26 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 26 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
AmountParticularsAmount
To Debtors A/c 4,000By Sundry Debtors A/c 4,000
To Stock A/c 5,000By M’s capital A/c 400
To furniture A/c 2,000By Cash A/c  
To building 9,000Debtors3,700 
To Cash A/c (creditors ) 3,920Furniture1,500 
To L’s capital A/c Expenses 120Stock7,000 
To capital A/c  Building8,50020,700
L424    
M424    
N2121,060   
  25,100  25,100
Partners’ Capital Account 
ParticularsLMNParticularsLMN
To Realisation A/c 400 By Balance b/d10,0004,0002,000
    By reserve2,0002,0001,000
    By REALISATION A/c424424424
    By REALISATION A/c120  
To Cash A/c12,5446,0243,212    
 12,5446,4243,212 12,5446,4243,212
Actual payment to creditorsRs
Claim4,000
less 2%80
 3,920
Cash A/c
ParticularsAmountParticularsAmount
To balance b/d 5,000By Realisation A/c  
To Realisation A/c  Creditors 3,920
Assets 20,700By Capital A/c  
   L 12,544
   M 6,024
   N 3,212
  25,700  25,700

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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

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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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