Advertisement
Question 26 Chapter 7 of +2-Part-1
Advertisement
Advertisement-Y
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.
Advertisement-X
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:
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 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 | ||
Advertisement-Y
| 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
