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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 | 4,000 | Cash | 5,000 |
Reserve | 10,000 | Debtors | 4,000 |
Capital A/c | Stock | 5,000 | |
L | 4,000 | Furniture | 2,000 |
M | 2,000 | Building | 9,000 |
N | 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.
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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 |
Amount | Particulars | Amount | ||
To Debtors A/c | 4,000 | By Sundry Debtors A/c | 4,000 | ||
To Stock A/c | 5,000 | By M’s capital A/c | 400 | ||
To furniture A/c | 2,000 | By Cash A/c | |||
To building | 9,000 | Debtors | 3,700 | ||
To Cash A/c (creditors ) | 3,920 | Furniture | 1,500 | ||
To L’s capital A/c Expenses | 120 | Stock | 7,000 | ||
To capital A/c | Building | 8,500 | 20,700 | ||
L | 424 | ||||
M | 424 | ||||
N | 212 | 1,060 | |||
25,100 | 25,100 |
Partners’ Capital Account | |||||||
Particulars | L | M | N | Particulars | L | M | N |
To Realisation A/c | 400 | By Balance b/d | 10,000 | 4,000 | 2,000 | ||
By reserve | 2,000 | 2,000 | 1,000 | ||||
By REALISATION A/c | 424 | 424 | 424 | ||||
By REALISATION A/c | 120 | ||||||
To Cash A/c | 12,544 | 6,024 | 3,212 | ||||
12,544 | 6,424 | 3,212 | 12,544 | 6,424 | 3,212 |
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Actual payment to creditors | Rs |
Claim | 4,000 |
less 2% | 80 |
3,920 |
Cash A/c |
|||||
Particulars | Amount | Particulars | Amount | ||
To balance b/d | 5,000 | By Realisation A/c | |||
To Realisation A/c | Creditors | 3,920 | |||
Assets | 20,700 | By Capital A/c | |||
L | 12,544 | ||||
M | 6,024 | ||||
N | 3,212 | ||||
25,700 | 25,700 |
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

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