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Question 45 Chapter 7 – Class 12 Part 1 Unimax
45. A, B and C were sharing profits and losses in the ratio of 3 : 2 : 1. They agreed to dissolve their partnership firm on-31st March, 2022, A was asked to realise the assets and to pay of the creditors and other liabilities. He had to bear the realisation expenses for which he was
promised a lumpsum amount of Z 1,500. Their financial position on that date was as follows:
| Liabilities | Amount | Assets | Amount | ||
| Accounts Payable | 20,000 | Goodwill | 10,000 | ||
| Mortgage Loan | 15,000 | Lease | 37,500 | ||
| Advance from B | 12,500 | Joint Life Policy | 7,500 | ||
| Employees’ Saving Bank | 8,000 | Patents | 3,000 | ||
| Life Policy Fund | 7,500 | Stock | 25,000 | ||
| Capitals : | Accounts Receivable | 12,500 | |||
| A | 40,000 | Equipments | 10,000 | ||
| B | 33,000 | 73,000 | 300 Shares in DCM Ltd. | 18,000 | |
| Cash | 6,500 | ||||
| C’s Capital | 6,000 | ||||
| 1,36,000 | 1,36,000 | ||||
Additional Information
(1) Stock was valued at 20,000 and this was taken over by A and B equally. The Joint
Life Policy is surrendered for 5,000 ; Lease realised 50,000 ; Equipments at
9,000 ; and Accounts Receivabie at 10,000 and other assets (goodwill and patents)
proved worthless.
(2) Actual realisation expenses amounted to 900 which were paid by the firm on.behalf
of A.
(3) There was an unrecorded asset of 5,000 which was taken over by A at 6,000.
(4) A bill of 1,600 due for Sales Tax was received during the course of realisation and this was also paid.
(5) Ghanshyam, an old customer whose account was written off as bad in the previous year, paid 1,250 which is not included in the above stated accounts receivable.
(6) Market Value of Shares in DCM Ltd. is 50 per share. Half the shares were sold in the open market subject to a commission of 2% and the balance half were divided by all the partners in their profit sharing ratio.
Close the books of the firm.
The solution of Question 45 Chapter 7 – Class 12 Part 1 Unimax: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | ||
| To Goodwill | 10,000 | By Accounts Payable | 20,000 | ||
| To Lease | 37,500 | By Mortgage Loan | 15,000 | ||
| To Joint Life Policy | 7,500 | By Employees’ Savings Bank | 8,000 | ||
| To Patents | 3,000 | By Life Policy Fund | 7,500 | ||
| To Stock | 25,000 | By A’s Capital A/c | |||
| To Accounts Receivable | 12,500 | -Stock | 10,000 | ||
| To Equipments | 10,000 | -Unrecorded assets | 6,000 | ||
| To 300 Shares in DCM Ltd. | 18,000 | Shares in DCM Ltd. | 3,750 | 19,750 | |
| To Bank A/c | By B’s Capital A/c | ||||
| Bill for sales tax | 1,600 | Stock | 10,000 | ||
| Accounts Payable | 20,000 | Shares in DCM Ltd. | 2,500 | 12,500 | |
| Mortgage Loan | 15,000 | By C’s Capital A/c | |||
| Employees Saving Bank | 8,000 | 44,600 | -Shares in DCM Ltd. | ||
| To A’s Capital A/c | 1,500 | By Bank A/c | |||
| (Commission) | JLP | 5,000 | |||
| Lease | 50,000 | ||||
| Equipment | 9,000 | ||||
| Accounts receivable | 10,000 | ||||
| Bad debts recovered | 1,250 | ||||
| Shares in DCM Ltd. | 7,350 | 82,600 | |||
| (150 x 2% of 7500) | |||||
| By Loss transferred to Capital A/cs | |||||
| A | 1,500 | ||||
| B | 1,000 | ||||
| C | 500 | 3,000 | |||
| 1,69,600 | 1,69,600 | ||||
Partner’s Capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
| To balance b/d | 6,000 | By balance b/d | 40,000 | 33,000 | |||
| To Realisation A/c | By Realisation A/c | 1,500 | |||||
| —Stock | 10,000 | 10,000 | By Cash A/c | 7,750 | |||
| —Unrecorded asset | 6,000 | ||||||
| —Shares in DCM Ltd. | 3,750 | 2,500 | 1,250 | ||||
| To realisation A/c | 1,500 | 1,000 | 500 | ||||
| (Loss) | |||||||
| To Bank A/c Actual Exp.) | 900 | ||||||
| To Cash A/c | 19,350 | 19,500 | |||||
| 41,500 | 33,000 | 7,750 | 41,500 | 33,000 | 7,750 |
Cash A/c
| Particulars | Amount | Particulars | Amount |
| To balance b/d | 6,500 | By Realisation A/c | 44,600 |
| To Realisation A/c | 82,600 | (Payment of Liabilities) | |
| (assets realised) | By A’s Capital A/c | ||
| To C’s Capital A/c | 7,750 | Exp. | 900 |
| Final payment | 19,350 | ||
| By B’s Loan A/c | 12,500 | ||
| By B’s capital A/c | 19,500 | ||
| 96,850 | 96,850 |
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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Check out all books for PSEB
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.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- 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)
2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax
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.
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Punjab School Education Board (PSEB) Solutions of Usha Publication.
If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.
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