Question 49 Chapter 7 of +2-A

Question 49 Chapter 7 of +2-A

49. X and Y were partners sharing profits and losses in the ratio of 3: 2. They decided to dissolve the firm on 31st March 2018. On that date, their Capitals were X— 40,000 and Y — 30,000. Creditors amounted to 24,000. Assets were realised for 88,500. Creditors of 16,000 were taken over by X at 14,000. Remaining Creditors were paid at 76,500. The cost of a realisation came to 500. Prepare necessary accounts.

 

 

The solution of Question 49 Chapter  7 of +2-A: –

 

Revaluation Account
Particular 5
AmountParticular Amount
Sundry Assets94,000Creditors 24,000
X’s Capital A/c Creditors 14,000Cash Assets Realized 88,500
Cash A/c     
Creditors7,500    
Expenses5008,000   
      
   Loss transferred to:  
   X’s Capital A/c2,100 
   Y’s Capital A/c1,4003,500
  1,16,000  1,16,000

 

 

Partners’ Capital Account
Part.XY

Part.

XY
   By Balance B/d40,00030,000
To Realization Loss A/c2,1001,400By Realization A/c14,000
      
      
To Cash A/c51,90028,600   
 54,00030,000 54,00030,000

 

Cash Account
Particular
AmountParticular Amount
Realization A/c Asset88,500Realization A/c Creditors 8,000
      
   X’s Capital A/c 51,900
   Y’s Capital A/c 28,600
      
  88,500  88,500


Working Note:

 

Memorandum Balance Sheet
Particular
AmountParticular Amount
     
Capital A/cs  Sundry Assets (Balancing figure) 94,000
X’s Capital A/c40,000    
Y’s Capital A/c30,00070,000   
      
Creditors 24,000   
  94,000  94,000

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 49 Chapter 7 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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