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Question 20 Chapter 7 – Class 12 Part 1 Unimax
20. Mrs. Ritu Chaudhary and Miss Shobha were partners in a firm, ‘Fancy Garments Exports’ sharing profits and losses equally. On 1st January, 2022, the Balance Sheet of the firm was as follows:
| Liabilities | Amount | Assets | Amount | ||
| Sundry Creditors | 75,000 | Cash | 6,000 | ||
| Bills Payable | 30,000 | Bank | 30,000 | ||
| Mr. Chaudhary’s loan | 15,000 | Stock | 75,000 | ||
| Reserve fund | 24,000 | Book debts | 66,000 | ||
| Mrs. Ritu Chaudhary’s capital | 90,000 | Less: Provision for doubtful debts | 6,000 | 60,000 | |
| Miss Shobha’s Capital | 30,000 | Plant & Machinery | 45,000 | ||
| Land & Building | 48,000 | ||||
| 2,64,000 | 2,64,000 | ||||
The firm was dissolved on that date. The following transactions took place
(i) Mrs. Ritu Chaudhary undertook to pay Mr. Chaudhary’s loan and took over 50 per cent of the stock at a discount of 20 per cent.
(ii) Book debts realised 54,000 ; balance of the stock was sold off at a profit of 30 percent on cost.
(iii)’ Sundry Creditors were paid out at a discount of 10 per cent. Bills payable were paid in full.
(iv) Plant and machinery realised 75,000, Land & building 1,20,000.
(v) Mrs. Ritu Chaudhary took over the Goodwill of the firm at a valuation of 30.000.
(vi) Realisation expenses were 5,250.
Show the realisation account, cash account and partners’ capital accounts in the books of the firm.
The solution of Question 20 Chapter 7 – Class 12 Part 1 Unimax: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | ||
| To Stock | 75,000 | By Provision for doubtful debts | 6,000 | ||
| To Book debts | 66,000 | By Sundry creditors | 75,000 | ||
| To Plant and machinery | 45,000 | By Bills payable | 30,000 | ||
| To Land and building | 48,000 | By Mrs. Chaudhary’s loan | 15,000 | ||
| To Mrs. Ritu Chaudhary’s capital A/c | By Mrs. Chaudhary’s capital a/c | ||||
| -Chaudhary loan | 15,000 | – Stock | 30,000 | ||
| To Bank account | – Goodwill | 30,000 | 60,000 | ||
| -Payment to creditors | 67,500 | By Bank account | |||
| -Bills payable | 30,000 | – Book debts | 54,000 | ||
| -Realisation expenses | 5,250 | – Stock | 48,750 | ||
| By Profit transferred to capital A/cs | – Plant and machinery | 75,000 | |||
| Ritu Chaudhary | 66,000 | – Land and building | 1,20,000 | 2,97,750 | |
| Shobha | 66,000 | 1,32,000 | |||
| 4,83,750 | 4,83,750 | ||||
Partner’s Capital a/c
| Particulars | Ritu | Shobha | Particulars | Ritu | Shobha |
| To Realisation A/c | By balance b/d | 90,000 | 30,000 | ||
| -Stock | 30,000 | By Reserve fund | 12,000 | 12,000 | |
| -Goodwill | 30,000 | By Realisation A/c | |||
| To Bank A/c | 1,23,000 | 1,08,000 | – Chaudhary’s loan | 15,000 | |
| – Profit | 66,000 | 66,000 | |||
| 1,83,000 | 1,08,000 | 1,83,000 | 1,08,000 |
Bank A/c
| Particulars | Amount | Particulars | Amount |
| To balance b/d | 36,000 | By Realisation A/c | |
| To realisation a/c (Assets realised) | -Payment to creditors | 67,500 | |
| – Book debts | 54,000 | -Bills payable | 30,000 |
| – Stock | 48,750 | -Realisation expenses | 5,250 |
| – Plant and machinery | 75,000 | To Ritu Chaudhary’s capital A/c | 1,23,000 |
| – Land and building | 1,20,000 | To Shobha’s capital A/c | 1,08,000 |
| 3,33,750 | 3,33,750 |
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 02 Chapter 7 – Class 12 Part 1 Unimax
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Question 14 Chapter 7 – Class 12 Part 1 Unimax
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Question 26 Chapter 7 – Class 12 Part 1 Unimax
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Question 38 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.
- 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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