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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 | 10,000 | Furniture | 2,000 |
| M | 4,000 | Building | 9,000 |
| N | 2,000 | ||
| 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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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 Creditors | 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 | 212 | ||||
| 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 | ||
| 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 | ||||
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End of Solution
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The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Question 22 Chapter 7 of +2 Part-1 – USHA Publication
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Question 40 Chapter 7 of +2 Part – 1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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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)
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Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication