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VDO+ Tag:Question 15 Chapter 7 of Class 12 Part – 1 2024
15. (Realisation A/c/GST) Following is the Balance Sheet of Rama and Krishna who are equal partners on 31-3-2013, on which date the firm is dissolved :
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Video Tag:| Liabilities | Rs. | Assets | Rs. |
| Bank overdraft | 10,000 | Cash in hand | 6,000 |
| Reserve | 20,000 | Stock | 40,000 |
| Sundry Creditors | 30,000 | Debtors | 24,000 |
| Capitals | Machinery | 20,000 | |
| Rama | 50,000 | Land & Buildings | 60,000 |
| Krishna | 40,000 | ||
| 1,50,000 | 1,50,000 |
Assets realised as follows:
Land and Building Rs. 90,000
Machinery 80%
Stock 75%
Debtors Rs. 20,000
CGST and SGST were levied on Sale of Land & Building and Machinery @ 9% each. These Taxes were deposited with Govt. Department. Expenses on realisation amounted to 2,000. Prepare a Realisation Account.
The solution of Question 15 Chapter 7 of Class 12 Part – 1 2024: –
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The video consists solution of question numbers from 15 to 16 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 15 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Stock | 40,000 | By Overdraft | 10,000 | ||
| To Debtors | 24,000 | By creditors | 30,000 | ||
| To Machinery | 20,000 | By Cash A/c | |||
| To land & buildings | 60,000 | Land & Building | 90,000 | ||
| To Cash | Machinery | 16,000 | |||
| Bank Overdraft | 10,000 | Debtors | 20,000 | ||
| Creditors | 30,000 | Stock | 30,000 | ||
| To Expenses | 2,000 | ||||
| To profit on Realisation | |||||
| Rama | 5,000 | ||||
| Krishna | 5,000 | 10,000 | |||
| 1,96,000 | 1,96,000 | ||||
| Partners’ Capital Account | |||||
| Particulars | Ram | Krishna | Particulars | Ram | Krishna |
| By Balance b/d | 50,000 | 40,000 | |||
| By Reserve | 10,000 | 10,000 | |||
| By Realisation A/c | 5,000 | 5,000 | |||
| To Cash A/c | 65,000 | 55,000 | |||
| 65,000 | 55,000 | 65,000 | 55,000 | ||
| Cash Sheet |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 6,000 | By Realisation A/c | 42,000 | ||
| To output CGST | 9,540 | By output CGST | 9,540 | ||
| To output SGST | 9,540 | By output SGST | 9,540 | ||
| To Realisation A/c | 1,56,000 | By Rama capital A/c | 65,000 | ||
| By Krishna capital A/c | 55,000 | ||||
| 1,62,000 | 1,62,000 | ||||
Working Note:-
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| I) | Journal Entry for Sale of Assets | . | |||
| Cash A/c | Dr. | 1,35,080 | |||
| To Realisation A/c | 1,16,000 | ||||
| To output CGST | 9,540 | ||||
| To output SGST | 9,540 | ||||
| (Being assets realized at the time dissolution) | |||||
| ii) | Journal Entry for deposit of GST with Govt. | ||||
| Output CGST | Dr. | 9,540 | |||
| Output SGST | Dr. | 9,540 | |||
| To Bank A/c | 19,080 | ||||
| (Being GST collected deposited with Govt.) | |||||
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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)
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)
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