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Question 27 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 27 Chapter 7 of +2-A
Question No.27 Chapter No.7 - T.S. Grewal +2 Book 2019-Solution

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Question 27 Chapter 7 of +2-A

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27. A, B and C were equal partners. On 31st March 2018, their Balance Sheet stood as:

Liabilities AmountAssetsAmount
Creditors 50,400Cash3,700
Reserve 12,000Stock20,100
Capital A/cs:  Debtors62,600
A30,000 Investments16,000
B25,000 Furniture6,500
C15,00070,000Building23,500
  1,32,400   400

The firm was dissolved on the above date on the following terms:
a For the purpose of dissolution, Investments were valued at 18,000 and A took over the Investments at this value.
b Fixed Assets realised 29,700 whereas Stock and Debtors realised 80,000.
c Expenses of realisation amounted to 1,300.
d Creditors allowed a discount of 800.
e One Bill receivable for 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm.
Prepare Realisation Account, Partner’s Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners.

 

The solution of Question 27 Chapter  7 of +2-A: –

 

Realization Account
Particular
AmountParticular Amount
Stock20,100Creditors 50,400
Debtors 62,600A’s Capital A/c Investments 18,000
Investments 16,000   
Furniture 6,500Cash A/c:  
Building 23,500Furniture and Building29,700 
Cash A/c:  Stock and Debtors80,0001,09,700
Expenses1,300    
Creditors49,600    
Bills1,50052,400   
   Loss transferred to:  
   A’s Capital A/c1,000 
   B’s Capital A/c1,000 
   C’s Capital A/c1,0003,000
  1,81,100  1,81,100

 

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Partners’ Capital Account 
Part.ABC

Part.

ABC
To Realization A/c Investment18,000By Balance B/d30,00025,00015,000
To Realization loss A/c1,0001,0001,000By Reserve A/c4,0004,0004,000
To Realization A/c       
        
To Cash A/c15,00028,00018,000    
 34,00029,00019,000 34,00029,00019,000

 

 

Bank Account
Particular
AmountParticular Amount
Balance b/d3,700Realization A/c 52,400
Realization A/c 1,09,700A’s Capital A/c 15,000
   B’s Capital A/c 28,000
   C’s Capital A/c 18,000
  1,13,400  1,13,400

 

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

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 Firms

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