Question 39 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 39 Chapter 7 of +2-A

Question 39 Chapter 7 of +2-A

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)

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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2 Book 1 min - Question 39 Chapter 7 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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