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

Question 27 Chapter 7 of +2- Part

Question 27 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

The solution of Question 27 Chapter 7 of +2 Part-1: –

Revaluation 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 37,6050 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 Realisation 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 7,100 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
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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 27 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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