Question 39 Chapter 7 of +2-A
Table of Contents
39. There are two partners X and Y in a firm and their capitals are 50,000 and 40,000. The creditors are 30,000. The assets of the firm realize 1,00,000. How much will X and Y receive?
The solution of Question 39 Chapter 7 of +2-A: –
| Realization Account |
|||||
| Particular |
Amount | Particular | Amount | ||
| Sundry Assets (WN) | 1,20,000 | Creditors | 30,000 | ||
| Cash A/c | 30,000 | Cash A/c | 1,00,000 | ||
| Loss on Revaluation | |||||
| X’s Capital A/c | 10,000 | ||||
| Y’s Capital A/c | 10,000 | 20,000 | |||
| 1,50,000 | 1,50,000 | ||||
| Partners’ Capital Account |
|||||
| Part. | X | Y |
Part. |
X | Y |
| To Realization A/c Loss | 10,000 | 10,000 | By Balance B/d | 50,000 | 40,000 |
| To Cash A/c | 40,000 | 30,000 | |||
| 50,000 | 40,000 | 50,000 | 40,000 | ||
| Bank Account |
|||||
| Particular |
Amount | Particular | Amount | ||
| Realization A/c | 1,00,000 | Realization A/c | 30,000 | ||
| X’s Capital A/c | 40,000 | ||||
| Y’s Capital A/c | 30,000 | ||||
| 1,00,000 | 1,00,000 | ||||
Working Note:
| Memorandum Balance Sheet |
|||||
| Particular |
Amount | Particular | Amount | ||
| Creditors | 30,000 | Realization A/c | 1,20,000 | ||
| Capital A/c | |||||
| X | 50,000 | ||||
| Y | 40,000 | 90,000 | |||
| 1,20,000 | 1,20,000 | ||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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