Question 28 Chapter 7 of +2-Part-1
28. (Realisation A/c/Cash A/c/Sundry Creditors Ale/Partner’s Capital Ae) is the Balance sheet of A and B as on 31st December, 2018. The profit sharing ratios of the partners are 3:2.
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 97,500 | LAND & Building | 30,000 |
| Capital A/c | Motor vehicles | 18,300 | |
| A | 85,000 | Debtors 1,13,200 | |
| B | 63,000 | Less provision 2,450 | 2,07,750 |
| Stock | 72,800 | ||
| Bank | 10,000 | ||
| Cash | 3,650 | ||
| 2,45,500 | 2,45,500 |
The partners decided to dissolve the firm on and from the date of the balance sheet Motor vehicles and stock were sold for cash at Rs. 16,950 and Rs. 77,600 respectively and all debtors accounts were realised in full. A took over the land and building at an agreed valuation of Rs. 43,500. Creditors were paid off subject to discount amounting to Rs. 1,700 Expenses of realisation were Rs. 1,250.
Prepare realisation account, cash account, sundry creditors account and partners capital accounts to close the books of the firm as result of its dissolution.
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The solution of Question 28 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors A/c | 1,13,200 | By Creditors A/c | 97,500 | ||
| To Stock A/c | 72,800 | By Provision for debts A/c – | 2,450 | ||
| To motor vehicles A/c | 18,300 | By cash A/c | |||
| To land & building A/c | 30,000 | Debtors | 1,13,200 | ||
| To cash A/c | Motor vehicles | 16,950 | |||
| Realisation Expenses | 1,250 | Stock | 77,600 | 2,07,750 | |
| Creditors paid off | 95,800 | 97,050 | By A’s capital A/c | ||
| To profit on realisation | Land & Building taken over | 43,500 | |||
| A’s capital A/c | 11,910 | ||||
| B’s capital A/c | 7,940 | 19,850 | |||
| 3,51,200 | 3,51,200 | ||||
| Partners’ Capital Account | |||||
| Particulars | A | B | Particulars | A | B |
| To Realisation A/c | By Balance b/d | 85,000 | 63,000 | ||
| LAND & BUILDING | 43,500 | By Realisation A/c | 11,910 | 7,940 | |
| To Cash A/c | 53,410 | 70,940 | |||
| 96,910 | 70,940 | 96,910 | 70,940 | ||
| Cash A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 3,650 | By Realisation A/c | |||
| To Realisation A/c | Creditors & expenses paid off | 97,050 | |||
| Assets realised | 2,07,750 | By A’s capital A/c | 53,410 | ||
| To BANK A/c | 10,000 | By B’s capital A/c | 70,940 | ||
| 2,21,400 | 2,21,400 | ||||
| Sundry Creditors A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | 1,700 | By balance b/d | 97,500 | ||
| To Cash A/c | 95,800 | ||||
| 97,500 | 97,500 | ||||
Comment if you have any questions.
End of Solution
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Question 23 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
- 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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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