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Question 27 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 7 of +2- Part
Q-27. - CH-7 - Usha +2 Book 2018 - Solution

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

We are providing a solution of Question 27 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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Day 154 Solution of Questions 26 to 27 Dissolution of Partnership Firm Chapter 7 Accounts class 12

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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.


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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 08 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 23 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 38 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

Chapter No. 2 – Partnership Accounts – I (Introduction)

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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)

Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication

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

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