# Question 45 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-45. - CH-7 - Usha +2 Book 2018 - Solution

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: –

Day 165 Solution of Questions 45 Dissolution of Partnership Firm Chapter 7 Accounts class 12

 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

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 01 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 37 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication