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


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 38,000Bank 11,500
Mrs. X’s loan  10,000Stock 6,000
Y’s loan 15,000Sundry Debtors     20,000  
Reserve 2,500Less provision      1,00019,000
Capital  A/c Furniture 4,000
X10,000Plant 28,000
Y8,000Patents 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: –

Revaluation A/c
To Stock A/c 6,000By Sundry Creditors A/c 38,000
To Sundry Debtors A/c 20,000By Provision for debts A/c – 1,000
To Furniture A/c 4,000By Mrs. X’s loan 10,000
To Plant A/c 28,000By X’s capital A/c (patents ) 8,000
To Patents 10,000By Bank A/c  
To X’s capital A/c (loan) 10,000Debtors18,500 
To Bank A/c  Furniture4,500 
-Dissolution Expenses600 Stock5,000 
   By loss  
   X’s capital A/c 3/53,390 
   Y’s capital A/c 2/52,2605,650
  1,15,650  1,15,650
Partners’ Capital Account 
To Realisation A/c3,0002,000By Balance b/d10,0008,000
To Realisation A/c – -Patents8,000 By reserve1,5001,000
To Realisation A/c3,3902,260By REALISATION A/c  
   Mrs. X’s loan10,000 
To Cash A/c7,1004,740   
 21,5009,000 21,5009,000
Bank A/c
To balance b/d11,500By Realisation A/c  
To Realisation A/c Payment for Expenses & Liability 37,650
Assets realised53,000By 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

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution


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