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

Question 34 Chapter 7 of +2- Part
Q-34. - CH-7 - Usha +2 Book 2018 - Solution

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Question 34 Chapter 7 of +2-Part-1

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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 :50,400Free hold property16,000
Deepali 17,500Investments 4,000
Rajshree 10,000Sundry Debtors2,000
Sundry creditors 2,000Stock 3,000
Profit & loss A/c1,500Bank  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

We are providing a solution of Question 34 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 34 Chapter 7 of +2 Part-1: –

Realisation A/c
Particulars
AmountParticularsAmount
To Debtors 2,000By Debtors A/c 2,000
To Stock A/c 3,000By Deepali’s capital A/c 3,800
To investments 4,000Investment taken over  
To freehold property 16,000By bank A/c ( assets realised )  
To bank A/c (liabilities & exp. paid )  Property 18,000
Creditors 1,900Debtors 1,800
Expenses 400Stock 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 
ParticularsDeepali Rajshri ParticularsDeepali Rajshri
To Realisation A/c3,800 By Balance b/d17,50010,000
   By Profit & loss A/c900600
   By realisation A/c- Profit1,260840
To Bank BF 15,86011,440   
 19,66011,440 19,66011,440
Bank A/c
ParticularsAmountParticularsAmount
To balance b/d 2,000By Realisation A/c  
To Cash A/c 4,000Creditors 1,900
To Realisation A/c 22,600Expense 400
To Realisation A/c 1,000By capital A/c  
   Dipali 15,860
   Rajshri 14,440
  29,600  29,600
Cash A/c
ParticularsAmountParticularsAmount
To Balance b/d 4,000By 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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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