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Question 30 Chapter 7 of +2-Part-1
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30. (Realisation A/c/Capital A/e’s/Bank A/e) The Balance sheet of A, B and C sharing profits and losses as 3:2 :1 respectively stood as follows on June 30, 2019.
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 50,400 | Cash at Bank | 3,700 |
| Joint life policy reserve A/c | 10,000 | Stock | 20,100 |
| Reserve Fund | 12,000 | Debtors | 62,600 |
| Capital A/c : | INVESTMENTS | 16,000 | |
| A | 30,000 | Furniture | 6,500 |
| B | 20,000 | Buildings | 23,500 |
| C | 10,000 | ||
| 1,32,400 | 1,32,400 |
The firm was dissolved on that date. For the purpose of dissolution, the investment were valued at Rs.18,000 and stock at Rs. 17.500: A agreed to take over investment and B to take over stock, C took over furniture at book value. Debtors and buildings realised Rs. 57,000 and Rs. 25,000 respectively. Expenses of realisation amounted to Rs. 450.
In addition one bill for Rs. 500 under discount was dishonored and had to be taken up by the firm.
Prepare necessary ledger accounts to close the books of the firm
We are providing a solution of Question 30 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 30 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors A/c | 62,600 | By Debtors A/c | 50,400 | ||
| To Stock A/c | 20,100 | By Joint life policy reserve | 10,000 | ||
| To investments | 16,000 | By A’s capital A/c | 18,000 | ||
| To furniture | 6,500 | By B’s capital A/c | 17,500 | ||
| To building | 23,500 | By C’s capital A/c | 6,500 | ||
| To bank A/c (liabilities & exp. paid ) | By bank A/c ( assets realised ) | ||||
| Creditors | 50,400 | Debtors | 57,000 | ||
| Realisation Expenses | 450 | Building | 25,000 | ||
| Bill dishonored | 500 | ||||
| To profit on realisation | |||||
| A | 2,175 | ||||
| B | 1,450 | ||||
| C | 725 | ||||
| 1,84,400 | 1,84,400 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | A | B | C | Particulars | A | B | C |
| To Realisation A/c | By Balance b/d | 30,000 | 20,000 | 10,000 | |||
| Assets taken over | 18,000 | 17,500 | 6,500 | By reserve fund | 6,000 | 4,000 | 2,000 |
| By realisation A/c Profit on realisation | 2,175 | 1,450 | 725 | ||||
| To Bank A/c | 20,175 | 7,950 | 6,225 | ||||
| 38,175 | 25,450 | 12,725 | 38,175 | 25,450 | 12,725 | ||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 3,700 | By Realisation A/c | |||
| To Realisation A/c | Liabilities & exp. Paid | 51,350 | |||
| Assets realised | 82,000 | By A’s capital A/c | 20,175 | ||
| By B’s capital A/c | 7,950 | ||||
| By C’s capital A/c | 6,225 | ||||
| 85,700 | 85,700 | ||||
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End of Solution
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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)
Check out Part 2 of both books.
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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