Question 39 Chapter 7 of +2-Part-1
39. (Unrecorded Asset and Liability/Journal/Ledger A/c s) X, Y and Z are partners sharing profits in the proportion of 3: 2:1. They dissolved the firm on December 31, 2015. On that date the balance sheet was as here under:
| Liabilities | Rs. | Assets | Rs. |
| Creditors | 2,000 | Bank | 750 |
| Bills payable | 2,540 | Debtors 2,800 | |
| Y’s loan A/c | 2,000 | Less provision 150 | 2,650 |
| Capital A/c : | Stock in Trade | 1,920 | |
| X | 2,500 | Plant | 1,500 |
| Y | 1,500 | Investments | 1,000 |
| Z | 1,000 | Property | 4,000 |
| Current A/c | |||
| X | 120 | ||
| Y | 73 | ||
| Z | 87 | ||
| 11,820 | 11,820 |
Investments were taken over by Y for RS. 900 , X took over property at Rs. 3,600. Remaining assets proceeds were as- Debtors Rs. 2,400 ;Stock in trade Rs. 1,800; Plant Rs. 1,350. Creditors were discharged less 5%.
An office calculator, not recorded in the books of firm ,fetched Rs. 400. Contingent liability of Rs. 1,500 (unrecorded) was ultimately settled by paying Rs. 500. Expenses of realisation amounted to Rs. 1,200.
Give journal entries and ledger accounts for closing the books of the firm
The solution of Question 39 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Debtors | 2,800 | By creditors A/c | 2,000 | ||
| To Stock | 1,920 | By bills payable | 2,540 | ||
| To plant | 1,500 | By provision for debtors | 150 | ||
| To investments | 1,000 | By Y’s Capital A/c investment | 900 | ||
| To property | 4,000 | By X’s Capital A/c property | 3,600 | ||
| To bank A/c | By bank A/c | ||||
| Creditors | 1,900 | Debtors | 2,400 | ||
| Bills payable | 2,540 | Stock | 1,800 | ||
| Contingent liability | 500 | Plant | 1,350 | ||
| Expenses | 1,200 | Unrecorded Assets | 400 | 5,950 | |
| By Capital A/c Loss | |||||
| X 3/6 | 1,110 | ||||
| Y 2/6 | 740 | ||||
| Z 1/1 | 370 | ||||
| 17,360 | 17,360 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | X | Y | Z |
Particulars | X | Y | Z |
| To Realisation A/cAssets taken | 3,600 | 900 | By Balance b/d | 2,500 | 1,500 | 1,000 | |
| To Realisation A/cLoss | 1,110 | 740 | 370 | By Current A/c | 120 | 73 | 87 |
| To Cash A/c | – | – | 717 | By Cash A/c | 2,090 | 67 | |
| 4,710 | 3,573 | 1,087 | 4,710 | 1,573 | 1,087 | ||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 750 | By realisation A/c | |||
| To Realisation A/c | Liabilities paid | 6,140 | |||
| Assets realised | 5,950 | By Y’s Loan A/c | 2,000 | ||
| To X’s capital A/c | 2,090 | By Z’s capital A/c | 717 | ||
| 8,857 | 8,857 | ||||
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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