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Question 35 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 7 of +2- Part
Q-35. - CH-7 - Usha +2 Book 2018 - Solution

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Question 35 Chapter 7 of +2-Part-1

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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 50,400Cash at Bank 3,700
Joint life policy reserve A/c 10,000Stock 20,100
Reserve Fund 12,000Debtors62,600
Capital A/c : INVESTMENTS 16,000
A30,000Furniture 6,500
B20,000Buildings 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.

We are providing a solution of Question 35 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 35 Chapter 7 of +2 Part-1: –

Revaluation A/c
Particulars
AmountParticularsAmount
To Debtors 62,600By Creditors A/c 50,400
To Stock A/c 20,100By A’s capital A/c Investment 18,000
To investments 16,000By bank A/c ( assets realised )  
To furniture 6,500Debtors & Stock80,000 
To building 23,500Fixed asset29,7001,09,700
To bank A/c (liabilities & exp. paid )     
Creditors 49,600   
Expenses 1,300   
Bill dishonored 1,500By loss on realisation  
   A1,000 
   B1,000 
   C1,0003,000
  1,81,100  1,81,100
Bank A/c
ParticularsAmountParticularsAmount
To balance b/d 3,700By Realisation A/c  
To Realisation A/c  Payment to creditors 49,600
Debtors 80,000Expense 1,300
Stock 29,700Bill 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
ParticularsAmountParticularsAmount
To Realisation A/c  By Balance b/d 30,000
 -investment 18,000By 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
ParticularsAmountParticularsAmount
To Realisation A/c 1,000By 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
ParticularsAmountParticularsAmount
To Realisation A/c 1,000By Balance b/d 15,000
   By reserve fund 4,000
      
To Bank A/c 18,000   
  19,000  19,000


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

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

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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