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Question 29 Chapter 7 of +2-Part-1
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29. (Realisation A/c/Capital A/c/Bank Ne/Provision for Doubtful Debts/GST Arjun and Bhim are partners in a firm. They share profits and losses in 5:3 ratio. They dissolved their business on 31 March, 2013
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 25,000 | Cash at Bank | 43,000 |
| Advance from customers | 5,000 | Debtors 36,000 | |
| Stock Reserve | 2,000 | Less provision 1,000 | 35,000 |
| Satish’s loan A/c | 12,000 | Stock | 22,000 |
| Reserve Fund | 64,000 | Prepaid expenses | 3,000 |
| Capital A/c : | Investments (in share of 100 each ) | 28,000 | |
| Arjun | 80,000 | Furniture | 30,000 |
| Bhim | 53,000 | Machinery | 80,000 |
| 2,41,000 | 2,41,000 |
50% of the creditors were paid at 10% discount and the remaining were paid at book value. Advance from customer was refunded in full settlement after deducting Rs. 110 Debtors Rs. 4,000 proved bad and Rs. 20.000 were good which realised 100% and the remaining were doubtful which realised 50% only. Investments realized at 80% Furniture was depreciated by Rs. 3,000 and it realised Rs. 25,000 only Machinery was sold at book value and IGST levied @ 18% and were deposited with Government Department. No recovery from prepaid expenses and stock.
Expenses on realisation amounted Rs. 1,200. Pass journal entries. Prepare Realisation Account, Capital Accounts and Bank Account.
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The solution of Question 29 Chapter 7 of +2 Part-1: –
| Realisation A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Debtors A/c | 36,000 | By Creditors A/c | 25,000 | ||
| To Stock A/c | 22,000 | By Provision for debts A/c – | 1,000 | ||
| To prepaid expenses | 3,000 | By advance from customers | 5,000 | ||
| To investments | 28,000 | By Stock reserve | 2,000 | ||
| To furniture | 30,000 | By Satish loan | 12,000 | ||
| To machinery | 80,000 | By cash A/c (debtors ) | 26,000 | ||
| To cash Creditors | 23,750 | By cash A/c | |||
| To cash advance | 4,860 | Investment | 22,400 | ||
| To cash Expenses | 1,200 | Furniture | 25,000 | ||
| To cash Satish’s loan | 12,000 | Machinery | 80,000 | ||
| By loss transferred to | |||||
| Arjun 5/8 | 26,506 | ||||
| Bhim 3/8 | 15,904 | ||||
| 2,40,810 | 2,40,810 | ||||
| Partners’ Capital Account | |||||
| Particulars | Arjun | Bhim | Particulars | Arjun | Bhim |
| To Realisation A/c | 26,506 | 11,904 | By Balance b/d | 80,000 | 53,000 |
| By reserve fund | 40,000 | 24,000 | |||
| To Bank A/c | 93,494 | 61,096 | |||
| 1,20,000 | 77,000 | 1,20,000 | 77,000 | ||
| Bank A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 43,000 | By Realisation A/c | 23,750 | ||
| To Realisation A/c | 26,000 | By Realisation A/c | 4,860 | ||
| To Realisation A/c (22,400+25,000+80,000) | 1,27,400 | By Realisation A/c | 1,200 | ||
| To Output IGST | 14,400 | By Realisation A/c | 12,000 | ||
| By Arjun’s capital A/c | 93,494 | ||||
| By Bhim’s capital A/c | 61,096 | ||||
| By Output IGST | 14,400 | ||||
| 2,10,800 | 2,10,800 | ||||
Comment if you have any questions.
End of Solution
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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 10 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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Question 22 Chapter 7 of +2 Part-1 – USHA Publication
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Question 28 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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Question 40 Chapter 7 of +2 Part – 1 – USHA Publication
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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)
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Chapter No. 2 – Partnership Accounts – I (Introduction)
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)
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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
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication