Question 45 Chapter 7 of +2-Part-1
45. (Comprehensive) Amar, Akbar and Anthony commenced business on 1st April 2018, sharing profits and losses in the ratio of 2: 2:1. Capitals contributed were: Amar Rs. 40,000: Akbar Rs. 30,000 and Anthony RS. 20,000. The partners were entitled to interest on capital @6% p.a. During the year ended 31st March 2019, the firm earned a profit (before interest) of Rs. 25,000.
The partners had drawn Amar Rs. 10.000, Akbar Rs. 8,000 and Anthony Rs. 5,000
On 31st March, 2019 the firm was dissolved. The assets realised RS. 1,00,000. The creditors which totaled Rs. 15,000 were paid at a discount of 3%. There was a contingent liability of Rs. 500 on bills discounted which was also paid. Expenses of realisation amounted to Rs. 1,450. Prepare accounts to close the books of the firm.
The solution of Question 45 Chapter 7 of +2 Part-1: –
| Profit & loss appropriation A/c for ending of the year 31-3-2019 |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To interest on capital A/c | By profit b/d (before interest) | 25,000 | |||
| Amar (40,000 X 6/100) | 2,400 | ||||
| Akbar (30,000 X 6/100) | 1,800 | ||||
| Anthony (20,000 X 6/100) | 1,200 | 5,400 | |||
| To profit transferred to | |||||
| To Amar’s capital A/c 2/5 | 7,840 | ||||
| To Akbar’s capital A/c 2/5 | 7,840 | ||||
| Anthony (20,000 X 6/100) | 3,920 | 19,600 | |||
| 25,000 | 25,000 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | Amar | Akbar | Anthony |
Particulars | Amar | Akbar | Anthony |
| To Drawings A/c | 10,000 | 8,000 | 5,000 | By Balance b/d | 40,000 | 30,000 | |
| By intt. On capital | 2,400 | 1,800 | 1,200 | ||||
| By P & L A/c (profit ) | 7,840 | 7,840 | 3,920 | ||||
| To Balance c/d |
40,240 | 31,640 | 20,120 | ||||
| 50,240 | 39,640 | 25,120 | 50,240 | 39,640 | 25,120 | ||
| Balance sheet |
|||||
| Liabilities | Amount | Asstes | Amount | ||
| Capital A/c | Sundry Assets (balancing figures ) | 1,07,000 | |||
| Amar | 40,240 | ||||
| Akbar | 31,640 | ||||
| Anthony | 20,120 | ||||
| Creditors | 15,000 | ||||
| 1,07,000 | 1,07,000 | ||||
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To sundry assets A/c | 1,07,000 | By Creditors | 15,000 | ||
| To cash A/c (liabilities & expenses paid | By cash | ||||
| Creditors | 14,550 | Assets realised | 1,00,000 | ||
| Contingent liability | 500 | By loss on realisation | |||
| Expenses on Realisation | 1,450 | Amar | 3,400 | ||
| Akbar | 3,400 | ||||
| Anthony | 1,700 | 8,500 | |||
| 1,23,500 | 1,23,500 | ||||
| Partners’ Capital Account |
|||||||
| Particulars | Amar | Akbar | Anthony |
Particulars | Amar | Akbar | Anthony |
| To Realisation A/c Loss | 3,400 | 3,400 | 1,700 | By Balance b/d | 40,240 | 31,640 | 20,120 |
| To Balance c/d |
36,840 | 28,240 | 18,420 | ||||
| 40,240 | 31,640 | 20,120 | 40,240 | 31,640 | 20,120 | ||
| Cash A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | By realisation A/c | ||||
| Assets realised | 1,00,000 | Creditors | 14,550 | ||
| Contingent liability | 500 | ||||
| Expenses on Realisation | 1,450 | ||||
| By Amar’s capital A/c | 36,840 | ||||
| By Akbar ’s capital A/c | 28,240 | ||||
| By Akbar ’s capital A/c | 18,420 | ||||
| 1,00,000 | 1,00,000 | ||||
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)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
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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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- 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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