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Question 11 Chapter 7 – Class 12 Part 1 Unimax

Question 11 Chapter 7 - Class 12 Part 1 Unimax

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Question 11 Chapter 7 – Class 12 Part 1 Unimax

11. The balance sheet of a firm on 31st March 2021 was as under:

LiabilitiesAmountAssetsAmount
CapitalLand and building8,00,000
A5,00,000Investment2,00,000
B4,00,000S. Debtors1,00,000
C3,00,00012,00,000Stock1,50,000
S. Creditors2,00,000Cash at Bank3,00,000
Gen. Reserve1,50,000
5,50,0005,50,000

The partnership was dissolved on the above date. A took over the investment at the agreed value of ₹190000.

  1. Cash realised was Land and building ₹ 900000.
  2. Book debts₹90000 and stock ₹ 140000.
  3. The creditors were paid at a discount of 5%.
  4. The expenses of realisation were ₹20000.

Give Journal entries and Ledger Accounts to close the books.

The solution of Question 11 Chapter 7 – Class 12 Part 1 Unimax: –

Realisation a/c

Partner’s capital a/c

Cash a/c

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.

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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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