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Question 19 Chapter 7 – Class 12 Part 1 Unimax

Question 19 Chapter 7 - Class 12 Part 1 Unimax

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Question 19 Chapter 7 – Class 12 Part 1 Unimax

19. Following was the Balance Sheet of D, G and T on 28.2.2022

LiabilitiesAmountAssets
Amount
Sundry Creditors 50,000Bank 20,000
Bills Payable 10,000Debtors 30,000
G’s Loan 10,000Stock 20,000
Mortgage Loan 12,000Furniture 15,000
General Reserve 18,000Land and Building 2,45,000
Capital Accounts:  G’s Capital 20,000
D1,00,000    
T1,50,0002,50,000   
      
      
  3,50,000  3,50,000

The firm was dissolved on the above date on the following terms :
(i) Debtors realised 28,000; and Creditors and bills payable were paid at a discount of 10%.
(ii) Stock was taken over by T for 16,000 and furniture was sold for 12,000.
(iii) Land and Building was sold for 2,80,000.
(iv) Mortgage loan was paid by a cheque for the same amount.
(v) The firm had a joint life policy of 5,00,000 with a surrender value of 1,00,000. The
policy was surrendered at its surrender value.
Prepare Realisation Account, Bank Account and Capital Accounts of D, G and T.

The solution of Question 19 Chapter 7 – Class 12 Part 1 Unimax: –

Realisation a/c

ParticularsAmountParticulars
Amount
To Debtors 30,000By Creditors 50,000
To stock 20,000By Bills payable 10,000
To Furniture 15,000By Mortgage Loan 12,000
To Land & Building 2,45,000By Bank A/c  
To Bank A/c  – Debtors28,000 
– Creditors45,000 – Furniture12,000 
– Bills payable9,000 – Land & Building2,80,00 
– Mortgage Loan12,00066,000– Joint Life Policy1,00,0004,20,000
By Profit transferred to capital A/cs  By T’s capital A/c (stock) 16,000
D44,000    
G44,000    
T44,0001,32,000   
  5,08,000  5,08,000

Partner’s Capital a/c

ParticularsDGTParticularsDGT
To Balance b/d 20,000 By balance b/d1,00,000 1,50,000
To Realisation A/c (Stock taken over)  16,000By Realisation A/c (Profit)44,00044,00044,000
To Cash A/c1,50,00030,0001,84,000By General Reserve6,0006,0006,000
        
        
 1,50,00050,0002,00,000 1,50,00050,0002,00,000

 

Bank A/c

ParticularsAmountParticularsAmount
To balance b/d20,000By Realisation A/c 66,000
To realisation a/c (Assets realised)4,20,000By D’s capital A/c1,50,000
  By G’s capital A/c30,000
  By T’s capital A/c1,84,000
  By G’s loan A/c10,000
    
 4,40,000 4,40,000

 

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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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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