Question 42 Chapter 7 of +2-Part-1
42. (Realisation A/c) Sachin and Tarun were partners sharing profits and losses as to 2/3 and 1/3 respectively. On 31st December 2015 they dissolved the partnership firm when their books showed the following ledger account balances:
Investments Rs. 9,500; Furniture Rs. 2,700; Goodwill Rs. 10,000; Bank overdraft Rs. 3,800; Closing stock Rs. 16,000; Sundry debtors Rs. 10,300; Trade creditors Rs. 14,700. Sachin’s capital Rs. 20,000: Tarun’s capital Rs. 10,000.
Sachin agreed to bear all realisation expenses. For this service he was to be paid Rs. 500. The firm could realise only Rs. 9,400 of sundry debtors and 75% of the book value of the stock. Furniture was sold for 1,600 but nothing could be realised for goodwill account. Sachin took over investments for Rs. 11,000.You are required to prepare realisation account.
The solution of Question 42 Chapter 7 of +2 Part-1: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To investments | 9,500 | By Bank overdraft | 3,800 | ||
| To furniture | 2,700 | By Trade Creditors | 14,700 | ||
| To goodwill | 10,000 | By Bank A/c | |||
| To Stock | 16,000 | Sundry Debtors | 9,400 | ||
| To Sundry Debtors | 10,300 | Stock | 12,000 | ||
| To Bank A/c | Furniture | 1,600 | 23,000 | ||
| Bank overdraft | 3,800 | By Sachin’s capital A/c | 11,000 | ||
| Trade Creditors | 14,700 | 18,500 | By loss transferred to | ||
| To Sachin’s capital A/c | Sachin | 10,000 | |||
| Realisation Expenses | 500 | Tarun | 5,000 | 15,000 | |
| 67,500 | 67,500 | ||||
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
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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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication