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Question 33 Chapter 7 of +2-Part-1
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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 .
We are providing a solution of Question 33 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 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 | ||||
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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 22 Chapter 7 of +2 Part-1 – USHA Publication
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Question 40 Chapter 7 of +2 Part – 1 – USHA Publication
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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)
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Chapter No. 2 – Partnership Accounts – I (Introduction)
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)
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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.
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