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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

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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 25,000Cash at Bank 43,000
Advance from customers 5,000Debtors               36,000 
Stock Reserve 2,000Less provision      1,00035,000
Satish’s loan A/c 12,000Stock 22,000
Reserve Fund 64,000Prepaid expenses 3,000
Capital A/c : Investments (in share of 100 each )28,000
Arjun 80,000Furniture 30,000
Bhim 53,000Machinery 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
AmountParticularsAmount
To Debtors A/c 36,000By Creditors A/c 25,000
To Stock A/c 22,000By Provision for debts A/c – 1,000
To prepaid expenses 3,000By advance from customers 5,000
To investments 28,000By Stock reserve 2,000
To furniture 30,000By Satish loan 12,000
To machinery 80,000By cash A/c (debtors ) 26,000
To cash Creditors 23,750By cash A/c  
To cash advance 4,860Investment 22,400
To cash Expenses 1,200Furniture 25,000
To cash Satish’s loan 12,000Machinery 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 
ParticularsArjunBhimParticularsArjunBhim
To Realisation A/c26,50611,904By Balance b/d80,00053,000
   By reserve fund40,00024,000
      
      
To Cash A/c93,39461,094   
 1,20,00077,000 1,20,00077,000
Cash A/c
ParticularsAmountParticularsAmount
To balance b/d 43,000By Realisation A/c 23,750
To Realisation A/c 26,000By Realisation A/c 4,860
To Realisation A/c
(22,400+25,000+80,000)
 1,27,400By Realisation A/c  1,200
To Output IGST 14,400By Realisation A/c 12,000
   By Arjun’s capital A/c 93,494
   By Bhim’s capital A/c 61,096
   To Output IGST 14,400
      
  2,10,800  2,10,800

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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

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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