Question 41 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 41 Chapter 7 of +2- Part

Question 41 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

41. (Memorandum Balance Sheet/Ledger Ales) A and B were partners in a business sharing profits and losses in the ratio of 3 :1 respectively. They decided to dissolve their partnership on lit January 2015. On that date, the capital of A and B were Rs. 10,000 and Rs. 5,000 respectively, the amount owing by A to the firm was Rs. 3,200 and the amount owed by the firm to B was Rs. 4,000. The creditors amounted to Rs. 25,000 and cash Rs. 2,700. The remaining assets other than the amount owing by A to the firm realised Rs. 29,600. The expenses of realisation amounted to Rs. 1,500.
Prepare the balance sheet of A and B immediately prior to dissolution and necessary accounts to close the books of the firm.

The solution of Question 41 Chapter 7 of +2 Part-1: –

Balance Sheet
Liabilities Amount Assets Amount
Sundry creditors   25,000 Cash A/c   2,700
B’s loan A/c   4,000 A’s loan A/c   3,200
To Capital A/c     Sundry Assets (balancing figures )   38,100
A   10,000      
B   5,000      
           
           
    44,000     44,000
Realisation A/c
Particulars
Amount Particulars Amount
To sundry Assets   38,100 By Sundry creditors A/c   25,000
To Cash A/c – Creditors   25,000 By Cash A/c – assets realised   29,600
To Cash A/c – Realisation Expenses   700 By loss on realisation    
      A 7,500  
      B 2,500 10,000
    64,600     64,600
Partners’ Capital Account 
Particulars A B
Particulars A B
To Realisation A/c loss 7,500 2,500 By Balance b/d 10,000 5,000
To A’s loan 3,200        
To Cash A/c          
To Cash A/c 2,500 By Cash A/c 700  
  10,700 5,000   10,700 5,000
Cash A/c 
Particulars Amount Particulars Amount
To balance b/d   2,700 By realisation A/c    
To Realisation A/c     Payment to creditors   25,000
Loss   29,600 Realisation expenses   1,500
To A’s capital A/c   700 By B’s loan A/c   4,000
      By B’s capital A/c   2,500
           
           
    33,000     33,000

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 41 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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