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Question 36 Chapter 7 of +2-Part-1
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36. (Realisation A/c/Bank A/c/Partner’s Capital A/e) The following Arvind and Balbir as on 31st December, 2015.
| Liabilities | Rs. | Assets | Rs. |
| Trade Creditors | 45,000 | Cash | 50 |
| Bills payable | 12,000 | Bank | 12,000 |
| Mrs. Arvind loan | 7,500 | Stock | 7,500 |
| Mrs. Balbir loan | 15,000 | Investments | 15,000 |
| Reserve Fund | 15,000 | Book-debts 30,000 | |
| Investment fluctuation fund | 1,500 | Less: reserve 3,000 | 27,000 |
| Capital A/c : | Buildings | 22,500 | |
| Arvind | 15,000 | Plant | 30,000 |
| Balbir | 15,000 | Goodwill | 6,000 |
| Profit & Loss A/c | 5,250 | ||
| 1,26,000 | 1,26,000 |
The firm was dissolved on the above date under the following arrangements
(i) Arvind promised to pay off Mrs. Arvind’s loan and took away stock at Rs. 6,000.
(ii) Balbir took away half the investment at 10% discount
(iii) Book debts realised Rs.28,500
(iv) Trade creditors and bills payable were due on an average basis one month after 31st December, but were paid immediately on 31st December at 6% discount
(v) Plant realised Rs. 37,500 ;Building Rs. 60,000; Goodwill Rs. 9,000 and remaining investment at Rs. 6,750
(vi) An old typewriter written off completely from the firm books now estimated to realize Rs. 450. It was taken away by Balbir at this estimated price.
(vii) Realisation expenses were Rs. 1,500.
Show the realisation account, bank account and capital accounts of partners
The solution of Question 36 Chapter 7 of +2 Part-1: –
| Realisation A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Stock | 7,500 | By Provision for doubtful debts | 3,000 | ||
| To investments | 15,000 | By Trade creditors | 45,000 | ||
| To Book Debts | 30,000 | By Bills payable | 12,000 | ||
| To building | 22,500 | By Mrs. Arvind loan | 7,500 | ||
| To plant | 30,000 | By Mrs. Balbir loan | 15,000 | ||
| To goodwill | 6,000 | By Investment fluctuation fund | 1,500 | ||
| To Arvind’s capital A/c | By Arvind’s capital A/c Stock | 6,000 | |||
| Mrs.. Arvind loan | 7,500 | By Balbir’s capital A/c | 6,750 | ||
| To bank A/c (liabilities & exp. paid ) | Investments | 450 | 7,200 | ||
| Creditors & Bills payable | 56,715 | Typewriters | |||
| Realisation Expenses | 1,500 | By bank A/c | |||
| Mrs. Balbir loan | 15,000 | Book Debts | 28,500 | ||
| To profit on realisation | Plant | 37,500 | |||
| Arvind | 23,617.50 | Building | 60,000 | ||
| Balbir | 23,617.50 | 47,235 | Goodwill | 9,000 | |
| Investments | 6,750 | 1,41,750 | |||
| 2,38,950 | 2,38,950 | ||||
| Bank A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 12,750 | By Realisation A/c | |||
| To Realisation A/c | Creditors & Bills payable | 56,715 | |||
| Book debts | 28,500 | Realisation Expenses | 1,500 | ||
| Plant | 37,500 | Mrs. Balbir loan | 15,000 | ||
| Building | 60,000 | By Arvind’s capital A/c | 44,992.50 | ||
| Goodwill | 9,000 | By Balbir’s capital A/c | 44,992.50 | ||
| Investments | 6,750 | 1,41,750 | |||
| 1,54,500 | 1,54,500 | ||||
| Arvind’s capital A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To profit & Loss A/c | 2,652 | By Balance b/d | 15,000 | ||
| To Realisation A/c Stock | 6,000 | By reserve fund | |||
| By Realisation A/c | 7,500 | ||||
| To Bank A/c | 44,992.50 | Mrs. Arvind loan | 7,500 | ||
| Realisation profit | 23,617.50 | ||||
| 53,617.50 | 53,617.50 | ||||
| Balbir’s capital A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To profit & Loss A/c | 2,652 | By Balance b/d | 15,000 | ||
| To Realisation A/c | By reserve fund | 7,500 | |||
| Investments | 6,750 | By Realisation A/c Profit | 23,617.50 | ||
| Typewriters | 450 | 7,200 | |||
| To Bank A/c | 36,292.50 | ||||
| 46,117.50 | 46,117.50 | ||||
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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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