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

Question 33 Chapter 7 of +2- Part
Q-33. - CH-7 - Usha +2 Book 2018 - Solution

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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 22,000Cash at Bank 22,200
Reserve 5,000Stock 6,000
Capital A/c : Debtors               8,000 
X15,000Less provision     2007,800
12,000Furniture 2,000
Z6,000Buildings 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:

1. Check out the Solution of this question in Video Format:-

2. Check out the Solution of this question in Article Format: –

The solution of Question 33 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
AmountParticularsAmount
To Debtors 8,000By creditors A/c 22,000
To Stock A/c 6,000By provision for doubtful debts 200
To furniture 2,000By bank A/c ( assets realised )  
To building 22,000Debtors7,000 
To bank A/c (liabilities & exp. paid )  Stock5,000 
Creditors21,000 Furniture1,000 
Realisation Expenses3,000 Building25,00038,000
Damages1,00025,000By Loss on realisation  
   X 2/51,120 
   Y 2/51,120 
   Z 1/55602,800
  63,000  63,000
Partners’ Capital Account 
 
ParticularsXYZParticularsXYZ
To Realisation A/c   By Balance b/d15,00012,0006,000
Loss1,1201,120560By Reserves2,0002,0001,000
To Cash BF 15,88012,8806,440    
 17,00014,0007,000 17,00014,0007,000
Bank A/c
ParticularsAmountParticularsAmount
To balance b/d 22,200By Realisation A/c creditor paid 25,000
To Realisation A/c  Liabilities discharged  
Assets realised 38,000By 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

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Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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