Question 30 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 7 of +2- Part
Q-30. - CH-7 - Usha +2 Book 2018 - Solution


Question 30 Chapter 7 of +2-Part-1


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 50,400Cash at Bank 3,700
Joint life policy reserve A/c 10,000Stock 20,100
Reserve Fund 12,000Debtors62,600
Capital A/c : INVESTMENTS 16,000
A30,000Furniture 6,500
B20,000Buildings 23,500
 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

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The solution of Question 30 Chapter 7 of +2 Part-1: –

Realisation A/c
To Debtors A/c 62,600By Debtors A/c 50,400
To Stock A/c 20,100By Joint life policy reserve 10,000
To investments 16,000By A’s capital A/c 18,000
To furniture 6,500By B’s capital A/c 17,500
To building 23,500By C’s capital A/c 6,500
To bank A/c (liabilities & exp. paid )  By bank A/c ( assets realised )  
Creditors 50,400Debtors 57,000
Realisation Expenses 450Building 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 
To Realisation A/c   By Balance b/d30,00020,00010,000
Assets taken over18,00017,5006,500By reserve fund6,0004,0002,000
    By realisation A/c Profit on realisation2,1751,450725
To Bank A/c20,1757,9506,225    
 38,17525,45012,725 38,17525,45012,725
Bank A/c
To balance b/d 3,700By Realisation A/c  
To Realisation A/c  Liabilities & exp. Paid 51,350
Assets realised 82,000By 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

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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