Question 38 Chapter 7 of +2-Part-1
38. (Realisation A/c/Partners‘ Capital A/c/Cash A/e) Bhuvan, Suraj and Ibrahim were partners in a firm sharing profits in the ratio of 3: 2:1. On 30th June, 2015, they decided to dissolve the firm. Following was the Balance Sheet of the firm on that date :
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 50,400 | Cash at Bank | 13,700 |
| Investment fluctuation fund | 10,000 | Stock | 20,100 |
| Reserve Fund | 12,000 | Debtors | 62,600 |
| Capital A/c : | Investments | 16,000 | |
| Bhuvan | 30,000 | Furniture | 20,000 |
| Suraj | 20,000 | ||
| Ibrahim | 10,000 | ||
| 1,32,400 | 1,32,400 |
The assets were realised and the liabilities were paid off as follows :
- Investments were taken over by Bhuvan for Rs. 18,000.
- Stock was taken over by Suraj for Rs. 17,500 and Furniture was taken over by Ibrahim at book value.
- Rs. 60,500 were realised from the debtors.
- Creditors were settled in full and realisation expenses were Rs. 4,500.
Prepare Realisation Account, Cash Account and Partners’ Capital Accounts.
The solution of Question 38 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors | 62600 | By creditors A/c | 50,400 | ||
| To Stock | 20100 | By investments fluctuation fund | 10,000 | ||
| To investment | 16000 | By Bhuvan’s capital A/c -investment | 18,000 | ||
| To furniture | 20000 | By Suraj’s capital A/c -Stock | 17,500 | ||
| To Cash A/c Creditors | 50400 | By Ibrahim’s capital A/c – Furniture | 20,000 | ||
| To Cash A/c Realisation Expenses | 4500 | By Cash A/c -Debtors | 60,500 | ||
| To profit on realisation | |||||
| Bhuvan’s capital A/c | 1,400 | ||||
| Suraj’s capital A/c | 933 | ||||
| Ibrahim’s capital A/c | 467 | 2,800 | |||
| 1,76,400 | 1,76,400 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | Bhuvan | Suraj | Ibrahim |
Particulars | Bhuvan | Suraj | Ibrahim |
| To Realisation A/c | 18,000 | 17,500 | 20,000 | By Balance b/d | 30,000 | 20,000 | 10,000 |
| By reserve | 6,000 | 4,000 | 2,000 | ||||
| By Realisation A/c | 1,400 | 933 | 467 | ||||
| To Cash A/c | 19,400 | 7,433 | By Cash A/c | 7,533 | |||
| 37,400 | 24,933 | 20,000 | 37,400 | 24,933 | 20,000 | ||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 13,700 | By realisation A/c Creditors | 50,400 | ||
| To Realisation A/c | By realisation A/c Realisation Expenses |
4,500 | |||
| Debtors | 60,500 | By Bhuvan’s capital A/c | 19,400 | ||
| To Ibrahim’s capital A/c | 7,533 | By Suraj’s capital A/c | 7,433 | ||
| 81,733 | 81,733 | ||||
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)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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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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- 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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