Question 39 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 39 Chapter 7 of +2- Part

Question 39 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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
1,500 Investments  1,000
Z 1,000 Property  4,000
Current A/c      
X 120    
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 Y’s loan   2,000  
        By Current A/c 120 73 87
               
To Cash A/c 1,933 717  By Cash A/c 2,090    
  4,710 3,573 1,087   4,710 3,573 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 capital A/c   1,933
To X’s capital A/c   2,090 By Z’s capital A/c   717
           
           
           
    8,790     8,790

Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 39 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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