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Question 27 Chapter 7 of +2-Part-1
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27. (Asset & Liability taken over by Partner/Ledger A/c) X and Y are sharing3:2. The Balance sheet of the firm as on December 31, 2018 is given below:
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 38,000 | Bank | 11,500 |
| Mrs. X’s loan | 10,000 | Stock | 6,000 |
| Y’s loan | 15,000 | Sundry Debtors 20,000 | |
| Reserve | 2,500 | Less provision 1,000 | 19,000 |
| Capital A/c | Furniture | 4,000 | |
| X | 10,000 | Plant | 28,000 |
| Y | 8,000 | Patents | 10,000 |
| Profit & loss A/c | 5,000 | ||
| 83,500 | 83,500 |
Firm was dissolved X took over patents at Rs. 8,000 and assumed his wife’s loan. Assets realised as follows :
Stock Rs. 1,000 less: Furniture Rs. 500 more than book value; Debtors Rs. 18,500 and Plant Rs. 25,000. Rs. 600 was the cost of dissolution. Creditors accepted 2.5% less than their claim.
Give necessary ledger accounts for closing the books of the firm
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The solution of Question 27 Chapter 7 of +2 Part-1: –
| Realisation A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Stock A/c | 6,000 | By Sundry Creditors A/c | 38,000 | ||
| To Sundry Debtors A/c | 20,000 | By Provision for debts A/c – | 1,000 | ||
| To Furniture A/c | 4,000 | By Mrs. X’s loan | 10,000 | ||
| To Plant A/c | 28,000 | By X’s capital A/c (patents ) | 8,000 | ||
| To Patents | 10,000 | By Bank A/c | |||
| To X’s capital A/c (loan) | 10,000 | Debtors | 18,500 | ||
| To Bank A/c | Furniture | 4,500 | |||
| -Dissolution Expenses | 600 | Stock | 5,000 | ||
| -Creditors | 37,050 | 37,650 | Plant | 25,000 | 53,000 |
| By loss | |||||
| X’s capital A/c 3/5 | 3,390 | ||||
| Y’s capital A/c 2/5 | 2,260 | 5,650 | |||
| 1,15,650 | 1,15,650 | ||||
| Partners’ Capital Account | |||||
| Particulars | X | Y | Particulars | X | Y |
| To Profit & Loss A/c | 3,000 | 2,000 | By Balance b/d | 10,000 | 8,000 |
| To Realisation A/c – -Patents | 8,000 | By reserve | 1,500 | 1,000 | |
| To Realisation A/c | 3,390 | 2,260 | By REALISATION A/c | ||
| Mrs. X’s loan | 10,000 | ||||
| To Cash A/c | 7,110 | 4,740 | |||
| 21,500 | 9,000 | 21,500 | 9,000 | ||
| Bank A/c | ||||
| Particulars | Amount | Particulars | Amount | |
| To balance b/d | 11,500 | By Realisation A/c | ||
| To Realisation A/c | Payment for Expenses & Liability | 37,650 | ||
| Assets realised | 53,000 | By Y’s loan A/c | 15,000 | |
| By X’s capital A/c | 7,110 | |||
| By Y’s capital A/c | 4,740 | |||
| 64,500 | 64,500 | |||
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
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 10 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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Question 22 Chapter 7 of +2 Part-1 – USHA Publication
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Question 28 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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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.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication