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

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 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

• Chapter No. 1 – Accounting Not for Profit Organisations
• 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)
• 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)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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