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

Question 41 Chapter 7 of +2-Part-1

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: –