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VDO+ Tag:Question 38 Chapter 7 of Class 12 Part – 1 2024
38. (Memorandum Balance Sheet/Ledger Ales) A and B were partners in a business sharing profits and losses in the ratio of 3 :1 respectively. They decided to dissolve their partnership on lit January 2015. On that date, the capital of A and B were Rs. 10,000 and Rs. 5,000 respectively, the amount owing by A to the firm was Rs. 3,200 and the amount owed by the firm to B was Rs. 4,000. The creditors amounted to Rs. 25,000 and cash Rs. 2,700. The remaining assets other than the amount owing by A to the firm realised Rs. 29,600. The expenses of realisation amounted to Rs. 1,500.
Prepare the balance sheet of A and B immediately prior to dissolution and necessary accounts to close the books of the firm.
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Video Tag:The solution of Question 38 Chapter 7 of +2 Part-1: –
We are providing a solution of Question 38 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:-
2. Check out the Solution of this question in Article Format: –
| Balance Sheet |
|||||
| Liabilities | Amount | Assets | Amount | ||
| Sundry creditors | 25,000 | Cash A/c | 2,700 | ||
| B’s loan A/c | 4,000 | A’s loan A/c | 3,200 | ||
| To Capital A/c | Sundry Assets (balancing figures ) | 38,100 | |||
| A | 10,000 | ||||
| B | 5,000 | ||||
| 44,000 | 44,000 | ||||
| Realisation A/c |
|||||
| Particulars |
Amount | Particulars | Amount | ||
| To sundry Assets | 38,100 | By Sundry creditors A/c | 25,000 | ||
| To Cash A/c – Creditors | 25,000 | By Cash A/c – assets realised | 29,600 | ||
| To Cash A/c – Realisation Expenses | 1,500 | By loss on realisation | |||
| A | 7,500 | ||||
| B | 2,500 | 10,000 | |||
| 64,600 | 64,600 | ||||
| Partners’ Capital Account |
|||||
| Particulars | A | B |
Particulars | A | B |
| To Realisation A/c loss | 7,500 | 2,500 | By Balance b/d | 10,000 | 5,000 |
| To A’s loan | 3,200 | ||||
| To Cash A/c | |||||
| To Cash A/c | – | 2,500 | By Cash A/c | 700 | |
| 10,700 | 5,000 | 10,700 | 5,000 | ||
| Cash A/c |
|||||
| Particulars | Amount | Particulars | Amount | ||
| To balance b/d | 2,700 | By realisation A/c | |||
| To Realisation A/c | Payment to creditors | 25,000 | |||
| Assets Realised | 29,600 | Realisation expenses | 1,500 | ||
| To A’s capital A/c | 700 | By B’s loan A/c | 4,000 | ||
| By B’s capital A/c | 2,500 | ||||
| 33,000 | 33,000 | ||||
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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