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Question 38 Chapter 7 of +2-Part-1
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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
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Question 18 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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Question 36 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1
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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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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2. Advanced Accountancy Part 2 Class 12 by Unimax Publication