
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 |
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
