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Question 38 Chapter 7 – Class 12 Part 1 Unimax
38. A. B and C commenced business of book publishing on 1st April, 2022 with capitals of 1.00,000, 80.000 and R.: 60,000 respectively. Profits and Losses were shared in the ratio of 4 : 3 3. Capitals carried interest at 5% p.a. During 2020-21 and 2021-22, they made profits of 40,000 and 60,000 (before allowing interest on capitals). Drawings of each partner were 10.000 per year.
On 31st March, 2022, the firm was dissolved. Creditors on that date were -T 24,000 and assets realised 2.74,000 net.
Give the necessary accounts to close the books of the firm.
The solution of Question 38 Chapter 7 – Class 12 Part 1 Unimax: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | ||
| To Sundry assets | 3,04,000 | By Sundry creditors | 24,000 | ||
| To Bank A/c | 24,000 | By Bank A/c | 2,74,000 | ||
| By Loss on realisation transferred to capital A/cs | |||||
| A | 12,000 | ||||
| B | 9,000 | ||||
| C | 9,000 | 30,000 | |||
| 3,28,000 | 3,28,000 | ||||
Partner’s Capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
| To Realisation A/c | 12,000 | 9,000 | 9,000 | By balanced b/d | 1,20,510 | 90,770 | 68,720 |
| To Bank A/c | 1,8,510 | 81,770 | 59,720 | ||||
| 1,20,510 | 90,770 | 68,720 | 1,20,510 | 90,770 | 68,720 |
Bank A/c
| Particulars | Amount | Particulars | Amount |
| To Realisation A/c | 2,74,000 | By Realisation A/c | 24,000 |
| -Assets realised | (Payment of Liabilities) | ||
| By A’s capital A/c | 1,08,510 | ||
| By B’s capital A/c | 81,770 | ||
| By C’s capital A/c | 59,720 | ||
| 2,74,000 | 2,74,000 |
Working Note:
Balance Sheet on Date of Dissolution
| Liabilities | Amount | Assets | Amount | ||
| Capital A/cs | Sundry Assets (B.F.) | ||||
| A | 1,20,510 | ||||
| B | 90,770 | ||||
| C | 68,720 | 2,80,000 | |||
| Creditors | 24,000 | ||||
| 3,04,000 | 3,04,000 | ||||
CAPITAL AS ON DATE OF DISSOLUTION
| A | B | C | |
| Capital as on 1.4.2020 | 1,00,000 | 80,000 | 60,000 |
| Add: Interest on Capital @ 5% | 5,000 | 4,000 | 3,000 |
| Add: Profits (40,000-12,000) in 4 : 3 : 3 | 11,200 | 8,400 | 8,400 |
| 1,16,200 | 92,400 | 71,400 | |
| Less : Drawings | 10,000 | 10,000 | 10,000 |
| Capital as on 1.4.2021 | 1,06,200 | 82,400 | 61,400 |
| Add : Interest on Capital @ 5% | 5,310 | 4,120 | 3,070 |
| Add : Profit (60,000-12,500) in 4 : 3 : 3 | 19,000 | 14,250 | 14,250 |
| 1,30,510 | 1,00,770 | 78,720 | |
| Less : Drawings | 10,000 | 10,000 | 10,000 |
| Capital as on 1.4.2022 | 1,20,510 | 90,770 | 68,720 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solution to all questions of Chapter No. 7 – Partnership Accounts-VI (Dissolution of Partnership Firm) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
Question 01 Chapter 7 – Class 12 Part 1 Unimax
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Question 13 Chapter 7 – Class 12 Part 1 Unimax
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Question 25 Chapter 7 – Class 12 Part 1 Unimax
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Question 37 Chapter 7 – Class 12 Part 1 Unimax
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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.
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UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.
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Punjab School Education Board (PSEB) Solutions of Usha Publication.
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