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