Question 29 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 7 of +2- Part
Q-29. - CH-7 - Usha +2 Book 2018 - Solution

Question 29 Chapter 7 of +2-Part-1

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.

We are providing a solution of Question 29 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:

1. Check out the Solution of this question in Video Format:-

Day 155 Solution of Questions 28 to 29 Dissolution of Partnership Firm Chapter 7 Accounts class 12

2. Check out the Solution of this question in Article Format: –

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

Check Out the Solution of all questions of this chapter:

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

Advertisement-X

Advertisement-Y

Question 13 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Question 23 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Advertisement-Y

Question 33 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Advertisement-Y

Question 43 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.


End of Post

Download a PDF of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

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)

Advertisement-X

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

Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication

Advertisement

error: Content is protected !!