Question 34 Chapter 7 of +2-Part-1
34. (Unrecorded Asset/Realisation A/c Partner’s capital A/c bank a/c) Deepali and Rajshree are partners in a firm sharing profits and in the ratio of 3: .2 They decided to dissolve their firm on 31st December 2019, when their balance sheet was under
| Liabilities | Rs. | Assets | Rs. |
| Capital A/c : | 50,400 | Free hold property | 16,000 |
| Deepali | 17,500 | Investments | 4,000 |
| Rajshree | 10,000 | Sundry Debtors | 2,000 |
| Sundry creditors | 2,000 | Stock | 3,000 |
| Profit & loss A/c | 1,500 | Bank | 2,000 |
| Cash | 4,000 | ||
| 31,000 | 31,000 |
The partners decide to dissolve the firm on the above date. Dipali took over the investment at an agreed value of Rs. 3,800. Other assets were realized as follows Freehold property Rs. 18,000 Sundry debtors Rs. 1,800; Stock RS. 2,800.
Creditors of the firm agreed to accept 5% less. Expenses of realisation of assets amounted to Rs. 400. There was a writer in the firm, which was bought out of firm’s money was not shown in the above balance sheet. The typewriter is now sold for Rs. 1,000.
Close the firms books of accounts by preparing a realisation account, partners capitals accounts and bank account
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The solution of Question 34 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors | 2,000 | By CreditorsA/c | 2,000 | ||
| To Stock A/c | 3,000 | By Deepali’s capital A/c | 3,800 | ||
| To investments | 4,000 | Investment taken over | |||
| To freehold property | 16,000 | By bank A/c ( assets realised ) | |||
| To bank A/c (liabilities & exp. paid ) | Property | 18,000 | |||
| Creditors | 1,900 | Debtors | 1,800 | ||
| Expenses | 400 | Stock | 2,800 | ||
| To profit on realisation | By bank A/c (unrecorded assets ) | 1,000 | |||
| Dipali 3/5 | 1,260 | ||||
| Rajshri 2/5 | 840 | ||||
| 29,400 | 29,400 | ||||
| Partners’ Capital Account |
|||||
| Particulars | Deepali | Rajshri | Particulars | Deepali | Rajshri |
| To Realisation A/c | 3,800 | By Balance b/d | 17,500 | 10,000 | |
| By Profit & loss A/c | 900 | 600 | |||
| By realisation A/c- Profit | 1,260 | 840 | |||
| To Bank BF | 15,860 | 11,440 | |||
| 19,660 | 11,440 | 19,660 | 11,440 | ||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 2,000 | By Realisation A/c | |||
| To Cash A/c | 4,000 | Creditors | 1,900 | ||
| To Realisation A/c | 22,600 | Expense | 400 | ||
| To Realisation A/c | 1,000 | By capital A/c | |||
| Dipali | 15,860 | ||||
| Rajshri | 11,440 | ||||
| 29,600 | 29,600 | ||||
| Cash A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Balance b/d | 4,000 | By Bank A/c | 4,000 | ||
End of Solution
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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)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
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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)
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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