Question 33 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 7 of +2- Part

Question 33 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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
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 .

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 3,000   Building 25,000 38,000
Damages 1,000 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 Cash 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

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 - Question 33 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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