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Question 29 Chapter 7 – Class 12 Part 1 Unimax
29. A, B and C were partners in a firm and shared profits in the ratio of 3 : 2 : 1. On 31.12.2022, their Balance Sheet was as follows :
| Liabilities | Amount | Assets | Amount | ||
| creditors | 65,000 | Cash | 22,500 | ||
| Bills payable | 20,000 | Debtors | 52,300 | ||
| Provident Fund | 12,000 | Stock | 36,000 | ||
| Investment Fluctuation Fund | 6,000 | Investments | 15,000 | ||
| Commission Received in Advance | 8,000 | Plant | 91,200 | ||
| Capitals: | Profit & Loss A/c | 54,000 | |||
| A | 80,000 | ||||
| B | 50,000 | ||||
| C | 30,000 | 1,60,000 | |||
| 2,71,000 | 2,71,000 | ||||
On this date the firm was dissolved. A was appointed to realise the assets. A was to receive 5% commission on the sale of assets (except cash) and was to bear all the expenses of realisation.
A realised the assets as follows: Debtor’s Z 30,000, Stock Z 26,000, Investments 75% of book value, Plant 42,750.
Expenses of realisation amounted to 4,000. Commission received in advance was returned to the customers after deducting 3,000. Firm had to pay Z 7,200 for outstanding salary not provided for earlier. Compensation paid to employees amounted to 9,800. The liability was not provided for in the above Balance Sheet. Z 25,000 had to be paid for Provident. Fund. Prepare Realisation Account, Capital Accounts and Cash Account Expenses of realisation were paid out of firm’ s cash.
The solution of Question 29 Chapter 7 – Class 12 Part 1 Unimax: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | ||
| To Debtors | 52,300 | By Creditors | 65,000 | ||
| To Stock | 36,000 | By Bills Payable | 20,000 | ||
| To Investment | 15,000 | By Provident Fund | 12,000 | ||
| To Plant | 91,200 | By Investment Fluctuation Fund | 6,000 | ||
| To A’s Capital A/c | 5,500 | By Commission received in advance | 8,000 | ||
| -Commission | By Cash A/c | ||||
| To Cash A/c | -Debtors | 30,000 | |||
| -Commission received in advance | 5,000 | -Stock | 26,000 | ||
| -Outstanding salary (not recorded) | 7,200 | -Investments | 11,250 | ||
| -Compensation to employees | 9,800 | -Plant | 42,750 | ||
| -Provident fund | 25,000 | By loss transferred to capital A/cs | |||
| -Creditors | 65,000 | A | 55,500 | ||
| -Bills Payable | 20,000 | 1,32,000 | B | 37,000 | |
| C | 18,500 | 1,11,000 | |||
| 3,32,000 | 3,32,000 | ||||
Partner’s Capital a/c
| Particulars | A | B | C | Particulars | A | B | C |
| To Profit and loss A/c | 27,000 | 18,000 | 9,000 | By balance b/d | 80,000 | 50,000 | 30,000 |
| To Realisation A/c | 55,500 | 37,000 | 18,500 | By Realisation A/c | 5,500 | ||
| (Loss) | Commission | ||||||
| To cash A/c (Exp.) | 4,100 | By Cash A/c | 1,100 | 5,000 | |||
| To cash A/c | 2,500 | ||||||
| 86,600 | 55,000 | 30,000 | 86,600 | 55,000 | 30,000 |
Cash A/c
| Particulars | Amount | Particulars | Amount |
| To Balance b/d | 22,500 | By Realisation A/c | 1,32,000 |
| To Realisation A/c | 1,10,000 | (Payment of Liabilities) | |
| (assets realised) | By A’s capital A/c (Exp.) | 4,100 | |
| To A’s capital account | 1,100 | By C’s capital account | 2,500 |
| To B’s capital account | 5,000 | ||
| 1,38,600 | 1,38,600 |
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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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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