Question 35 Chapter 7 of +2-Part-1
35. (Realisation A/c/Cash A/c/Partner’s Capital A/e) A, B and were equal firm. On 31st March 2019 their balance sheet stood as follows
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 50,400 | Cash at Bank | 3,700 |
| Joint life policy reserve A/c | 10,000 | Stock | 20,100 |
| Reserve Fund | 12,000 | Debtors | 62,600 |
| Capital A/c : | INVESTMENTS | 16,000 | |
| A | 30,000 | Furniture | 6,500 |
| B | 20,000 | Buildings | 23,500 |
| 1,32,400 | 1,32,400 |
For the purpose of dissolution, investments were valued at RS. 18,000 and A took over the investments at this value. Fixed assets realised Rs. 29,700 whereas stock and debtors realize Rs. 80,000. Expenses of realisation amounted to Rs. 1,300. Creditors allowed a discount of Rs. 800. In addition one bill receivable for RS. 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met the by firm.
Prepare realisation account, cash book and partners capital accounts showing how accounts would finally be settled among the partners.
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The solution of Question 35 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors | 62,600 | By Creditors A/c | 50,400 | ||
| To Stock A/c | 20,100 | By A’s capital A/c Investment | 18,000 | ||
| To investments | 16,000 | By bank A/c ( assets realised ) | |||
| To furniture | 6,500 | Debtors & Stock | 80,000 | ||
| To building | 23,500 | Fixed asset | 29,700 | 1,09,700 | |
| To bank A/c (liabilities & exp. paid ) | |||||
| Creditors | 49,600 | ||||
| Expenses | 1,300 | ||||
| Bill dishonored | 1,500 | By loss on realisation | |||
| A | 1,000 | ||||
| B | 1,000 | ||||
| C | 1,000 | 3,000 | |||
| 1,81,100 | 1,81,100 | ||||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 3,700 | By Realisation A/c | |||
| To Realisation A/c | Payment to creditors | 49,600 | |||
| Debtors | 80,000 | Expense | 1,300 | ||
| Stock | 29,700 | Bill dishonored | 1,500 | ||
| By A’s capital A/c | 15,000 | ||||
| By B’s capital A/c | 28,000 | ||||
| By C’s capital A/c | 18,000 | ||||
| 1,13,400 | 1,13,400 | ||||
| A’s capital A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | By Balance b/d | 30,000 | |||
| -investment | 18,000 | By reserve fund | 4,000 | ||
| To Realisation A/c loss | 1,000 | ||||
| To Bank A/c | 15,000 | ||||
| 34,000 | 34,000 | ||||
| B’s capital A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | 1,000 | By Balance b/d | 25,000 | ||
| By reserve fund | 4,000 | ||||
| To Bank A/c | 28,000 | ||||
| 29,000 | 29,000 | ||||
| C’s capital A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | 1,000 | By Balance b/d | 15,000 | ||
| By reserve fund | 4,000 | ||||
| To Bank A/c | 18,000 | ||||
| 19,000 | 19,000 | ||||
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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