Question 40 Chapter 7 – Class 12 Part 1 Unimax -

Question 40 Chapter 7 – Class 12 Part 1 Unimax

40. Peter, Roberts and Sunny commenced business on 1st April, 2020 with capitals of 60,000, 50,000 and 40,000 respectively. Profits for the first year were T 50,000 while the losses in the second year amounted to ‘‘`’ 14,000. Drawings per partner were Z 7,000 p.a.
The firm was dissolved on April 1, 2022. Creditors on that day were 14,000 who were paid 12,500 in full and final settlement. Cash amounted to Z 5,000 on that date. Others assets realised Z L62,000. Expenses amounted to 3,000. Prepare the Realisation Account,
Capital A/cs and Cash A/c.

Table of Contents

The solution of Question 40 Chapter 7 – Class 12 Part 1 Unimax: –

Realisation a/c

Particulars		Amount	Particulars	Amount
To Sundry Assets		1,53,000	By Sundry creditors	14,000
To Cash A/c			By Bank A/c	1,62,000
– Creditors	12,500
– Expenses	3,000	15,500
To Profit Transferred to Capital A/cs
Peter	2,500
Roberts	2,500
Sunny	2,500	7,500

		1,76,000		1,76,000

Partner’s Capital a/c

Particulars	Peter	Roberts	Sunny	Particulars	Peter	Roberts	Sunny
To Cash A/c	60,500	50,500	40,500	By balanced b/d	58,000	48,000	38,000
				By Realisation A/c	2,500	2,500	2,500

	60,500	50,500	40,500		60,500	50,500	40,500

Bank A/c

Particulars	Amount	Particulars	Amount
To balanced b/d	5,000	By Realisation A/c	15,500
To Realisation A/c	1,62,000	By Peter’s capital A/c	60,500
-Assets realised		By Roberts’s capital A/c	50,500
		By Sunny’s capital A/c	40,500

	1,67,000		1,67,000

Working Note:

Balance Sheet on Date of Dissolution

Liabilities		Amount	Assets	Amount
Capital A/cs			cash at Bank	5,000
Peter	58,000		Sundry Assets (B.F.)	1,53,000
Roberts	48,000
Sunny	38,000	1,44,000
Creditors		14,000


		1,58,000		1,58,000

CAPITAL AS ON DATE OF DISSOLUTION

End of Solution

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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

Question 02 Chapter 7 – Class 12 Part 1 Unimax

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Question 31 Chapter 7 – Class 12 Part 1 Unimax

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Question 39 Chapter 7 – Class 12 Part 1 Unimax

Question 40 Chapter 7 – Class 12 Part 1 Unimax

Question 41 Chapter 7 – Class 12 Part 1 Unimax

Question 42 Chapter 7 – Class 12 Part 1 Unimax

Question 43 Chapter 7 – Class 12 Part 1 Unimax

Question 44 Chapter 7 – Class 12 Part 1 Unimax

Question 45 Chapter 7 – Class 12 Part 1 Unimax

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