Question 34 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 7 of +2- Part

Question 34 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

The solution of Question 34 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
Amount Particulars Amount
To Debtors   2,000 By Debtors A/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   14,440
    29,600     29,600
Cash A/c
Particulars Amount Particulars Amount
To Balance b/d   4,000 By Bank A/c   4,000
           


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 34 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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