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VDO+ Tag:Question 23 Chapter 7 of Class 12 Part – 1 2024
23. (Realisation A/c/Partner’s Capital A/e) Cloud, Storm and Rain were partners in a firm sharing profits and losses in the ratio of 5: 3:2. Due to difference of opinion, they decided dissolve the partnership with effect from 1st April, 2019, on which date the firm’s balance sheet was as under :
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Video Tag:| Liabilities | Rs. | Assets | Rs. |
| Capitals A/c | Plant & Machinery | 80,000 | |
| Cloud | 60,000 | Furniture & fixtures | 45,000 |
| Storm | 40,000 | Motor Car | 25,000 |
| Rain | 30,000 | Stock in trade | 30,000 |
| Current A/c | Sundry debtors | 71,000 | |
| Cloud | 8,000 | Cash at bank | 14,000 |
| Storm | 10,000 | Rain’s current A/c | 3,000 |
| Sundry Creditors | 1,20,000 | ||
| 2,68,000 | 2,68,000 |
The folllowing information is given :
- Plant costing Rs. 40,000 was taken over by Cloud at an agreed valuation of Rs.45,000 and the remaining
- machinery realised Rs. 50,000.
- Furniture and fixtures realised Rs. 40,000.
- Motor car was taken over by Storm for Rs. 30,000
- Sundry debtors included a bad debt of Rs. 1,200 and the rest were realised, subject to cash discount of 10%.
- Stock worth Rs. 75,000 was taken over by Rain and the rest realised at 20% above the book value.
- The creditor for Rs. 2,000 was untraceable and rest of creditors accepted payment allowing 15% discount .
Realisation expenses amounted to Rs.5,000.
You are required to show the realisation account and capital accounts of partners on dissolution, showing final payment to them.
The solution of Question 23 Chapter 7 of Class 12 Part – 1 2024: –
We are providing a solution of Question 23 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:
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2. Check out the Solution of this question in Article Format: –
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To Sundry Debtors A/c | 71,000 | By Sundry Creditors A/c | 1,20,000 | ||
| To Stock–in-trade A/c | 30,000 | By Cloud’s Capital A/c | |||
| To furniture & fixtures A/c | 45,000 | Plant taken over | 45,000 | ||
| To Plant & machinery A/c | 80,000 | By Storm’s Capital A/c | |||
| To Motor Car A/c | 25,000 | Motor car taken over | 30,000 | ||
| To Bank A/c | By Rain’s Capital A/c | ||||
| Expenses | 5,000 | Stock taken over | 5,000 | ||
| Creditors | 1,00,300 | 1,05,300 | By bank A/c | ||
| To profit transferred to Capital A/cs. | Sundry Debtors | 62,820 | |||
| Cloud 5/10 | 13,260 | Furniture & fixtures | 40,000 | ||
| Storm 3/10 | 7,956 | Machinery | 50,000 | ||
| Rain 2/10 | 5,304 | 26,520 | Stock | 30,000 | |
| 3,82,820 | 3,82,820 | ||||
| Partners’ Capital Account | |||||||
| Particulars | Cloud | Storm | Rain | Particulars | Cloud | Storm | Rain |
| To Current A/c | 3,000 | By Balance b/d | 60,000 | 40,000 | 30,000 | ||
| To Realisation A/c | By current A/c | 8,000 | 10,000 | ||||
| Assets taken over | 45,000 | 30,000 | 5,000 | By Realisation A/c | 13,260 | 7,956 | 5,304 |
| To Bank A/c | 36,260 | 27,956 | 27,304 | ||||
| 81,260 | 57,956 | 35,304 | 81,260 | 57,956 | 35,304 | ||
| Bank A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 14,000 | By Realisation A/c | |||
| To Realisation A/c | Expenses | 5,000 | |||
| Sundry Debtors | 62,820 | Creditors | 1,00,300 | ||
| Furniture & fixtures | 40,000 | By cloud’s capital A/c | 36,260 | ||
| Machinery | 50,000 | By Storm’s capital A/c | 27,956 | ||
| Stock | 30,000 | By Rain’s capital A/c | 27,304 | ||
| 1,96,820 | 1,96,820 | ||||
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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