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VDO+ Tag:Question 22 Chapter 7 of Class 12 Part – 1 2024
22. (Realisation A/e/Bank A/c/Capital A/e) X, Y and Z were in partnership 7 : 2 : 1 and the balance sheet of the firm on 31 December 2018 was:
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Video Tag:| Liabilities | Rs. | Assets | Rs. |
| Capitals | Stock | 11,240 | |
| X | 12,410 | Debtors | 8,740 |
| Y | 8,650 | Goodwill | 10,000 |
| Z | 80,620 | Patents | 38,080 |
| Creditors | 11,210 | Bank | 1,210 |
| Plant deprecation reserve | 20,000 | 100 shares in X Ltd. At cost | 2,400 |
| 1000 shares in Ltd. At cost | 10,000 | ||
| Plant | 31,220 | ||
| 1,32,890 | 1,32,890 |
It was agreed to dissolve the Partnership and the terms of dissolution were :
- X to take over the building at an agreed figure of Rs. 31,500.
- Y who was to carry on business, to take over the goodwill, stock and debtors at book values, the patents at Rs. 30,000 and the plant at Rs. 5,000. He was also to pay off the creditors.
- Z to take over shares in X Ltd. at Rs. 15 each.
- The shares in Y Ltd. are to be divided in the Profit sharing ratio.
Give the necessary Ledge accounts recording the dissolution in the books of the firm
The solution of Question 22 Chapter 7 of Class 12 Part – 1 2024: –
We are providing a solution of Question 22 Chapter 7 of Class 12 Part – 1 2024 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 21 to 22 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 22 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 Building | 20,000 | By Creditors | 11,210 | ||
| To Plants | 31,220 | By Plant depreciation reserve | 20,000 | ||
| To Goodwill | 10,000 | By X’s Capital A/c | |||
| To Shares in X Ltd. | 2,400 | Building | 31,500 | ||
| To Stock in Y Ltd. | 10,000 | Shares in Y Ltd. | 7,000 | 38,500 | |
| To Stock | 11,240 | By Y’s Capital A/c | |||
| To Debtors | 8,740 | Goodwill | 10,000 | ||
| To Patents | 38,080 | Stock | 11,240 | ||
| To Y’s capital A/c (creditors) | 11,210 | Debtors | 8,740 | ||
| Patents | 30,000 | ||||
| Plants | 5,000 | ||||
| Shares in Y Ltd. | 2,000 | 66,980 | |||
| By Z’s Capital A/c | |||||
| Shares in X Ltd. | 1,500 | ||||
| Shares in Y Ltd. | 1,000 | 2,500 | |||
| By loss transferred to Capital A/cs: | |||||
| X | 2,590 | ||||
| Y | 740 | ||||
| Z | 370 | 3,700 | |||
| 1,42,890 | 1,42,890 | ||||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 1,210 | By Z’s capital A/c | 77,750 | ||
| To X’s capital A/c | 28,680 | ||||
| To Y’s capital A/c | 47,860 | ||||
| 77,750 | 77,750 | ||||
| X’s capital accounts |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | By Balance b/d | 12,410 | |||
| -building | 31,500 | By Bank A/c | 28,680 | ||
| -shares in Y ltd. | 7,000 | 38,500 | |||
| To Realisation A/c loss | 2,590 | ||||
| 41,090 | 41,090 | ||||
| Y’s capital accounts |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | By Balance b/d | 8,650 | |||
| Goodwill | 10,000 | By Realisation A/c | |||
| Stock | 11,240 | Creditors | 11,210 | ||
| Debtors | 8,740 | By Bank A/c | 47,860 | ||
| Patents | 30,000 | ||||
| Plants | 5,000 | ||||
| Shares in Y Ltd. | 2,000 | 66,980 | |||
| To Realisation A/c loss | 740 | ||||
| 67,760 | 67,760 | ||||
| Z’s capital accounts |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To Realisation A/c | By Balance b/d | 80,620 | |||
| Shares in X Ltd. | 1,500 | ||||
| Shares in Y Ltd. | 1,000 | 2,500 | |||
| To Realisation A/c loss | 370 | ||||
| To Bank A/c | 77,750 | ||||
| 80,620 | 80,620 | ||||
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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)
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