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Question 28 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 7 of +2- Part
Q-28. - CH-7 - Usha +2 Book 2018 - Solution

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Question 28 Chapter 7 of +2-Part-1

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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 975,000LAND & Building 30,000
Capital A/c Motor vehicles 18,300
A85,000Debtors              1,13,200  
B63,000Less provision      2,4502,07,750
  Stock72,800
  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.

We are providing a solution of Question 28 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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The solution of Question 28 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
AmountParticularsAmount
To Debtors A/c 1,13,200By Debtors A/c 97,500
To Stock A/c 72,800By Provision for debts A/c – 2,450
To motor vehicles A/c 18,300By cash A/c  
To land & building A/c 30,000Debtors1,13,200 
To cash A/c  Motor vehicles16,950 
Realisation Expenses95,800 Stock77,6002,07,750
Creditors paid off1,25097,050By A’s capital A/c  
To profit on realisation  Land & Building taken over 43,500
A’s capital A/c11,910    
B’s capital A/c7,94019,850   
      
      
  3,51,200  3,51,200
Partners’ Capital Account 
ParticularsXYParticularsXY
To Realisation A/c  By Balance b/d85,00063,000
LAND & BUILDING43,500 By Realisation A/c11,9107,940
      
      
To Cash A/c53,41070,940   
 96,91070,940 96,91070,940
Cash A/c
ParticularsAmountParticularsAmount
To balance b/d 3,650By Realisation A/c  
To Realisation A/c  Creditors & expenses paid off 97,050
Assets realised 2,07,750By A’s capital A/c 53,410
To BANK A/c 10,000By B’s capital A/c 70,940
      
  2,21,400  2,21,400
Sundry Creditors A/c
ParticularsAmountParticularsAmount
To Realisation A/c 97,500By balance b/d 97,500
      
  97,500  97,500

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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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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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