Question 33 Chapter 7 of +2-Part-1
33. (Realisation A/c/Partner’s Capital A/c/Bank A/e) X, Y and Z are partners in a firm having profit sharing proportion as 2: 2: 1. The balance sheet was as follows :
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 22,000 | Cash at Bank | 22,200 |
| Reserve | 5,000 | Stock | 6,000 |
| Capital A/c : | Debtors 8,000 | ||
| X | 15,000 | Less provision 200 | 7,800 |
| Y | 12,000 | Furniture | 2,000 |
| Z | 6,000 | Buildings | 22,000 |
| 60,000 | 60,000 |
The creditors were settled for Rs. 21,000. It was found, however, that there was a liability for Rs. 3,000 for damages which had to be met . Expenses of realisation were Rs. 1.000. Assets were realized as follows :
Debtors Rs. 7,000, Stock Rs. 5,000, Furniture Rs. 1,000 and Building Rs. 25,000.
Give necessary ledger accounts to close the books of the firm on dissolution .
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The solution of Question 33 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors | 8,000 | By creditors A/c | 22,000 | ||
| To Stock A/c | 6,000 | By provision for doubtful debts | 200 | ||
| To furniture | 2,000 | By bank A/c ( assets realised ) | |||
| To building | 22,000 | Debtors | 7,000 | ||
| To bank A/c (liabilities & exp. paid ) | Stock | 5,000 | |||
| Creditors | 21,000 | Furniture | 1,000 | ||
| Realisation Expenses | 1,000 | Building | 25,000 | 38,000 | |
| Damages | 3,000 | 25,000 | By Loss on realisation | ||
| X 2/5 | 1,120 | ||||
| Y 2/5 | 1,120 | ||||
| Z 1/5 | 560 | 2,800 | |||
| 63,000 | 63,000 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To Realisation A/c | By Balance b/d | 15,000 | 12,000 | 6,000 | |||
| Loss | 1,120 | 1,120 | 560 | By Reserves | 2,000 | 2,000 | 1,000 |
| To Bank A/c (BF) | 15,880 | 12,880 | 6,440 | ||||
| 17,000 | 14,000 | 7,000 | 17,000 | 14,000 | 7,000 | ||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 22,200 | By Realisation A/c creditor paid | 25,000 | ||
| To Realisation A/c | Liabilities discharged | ||||
| Assets realised | 38,000 | By X’s capital A/c | 15,880 | ||
| By Y’s capital A/c | 12,880 | ||||
| By Z’s capital A/c | 6,440 | ||||
| 60,200 | 60,200 | ||||
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 23 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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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