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Question 30 Chapter 7 – Class 12 Part 1 Unimax
30. Y and Z were sharing profits in the ratio of 2 : 2 : . They agreed upon dissolution of their partnership on 31st March, 2022 on which date, their Balance Sheet was as under:
| Liabilities | Amount | Assets | Amount | ||
| Capital—X | 40,000 | Fixed Assets | 50,000 | ||
| Capital—Y | 30,000 | Joint Life Policy | 10,000 | ||
| Reserve Fund | 10,000 | (At Surrender Value) | |||
| Joint Life Policy Fund | 10,000 | Bank | 23,500 | ||
| Creditors | 19,000 | Debtors | 10,000 | ||
| Less: Provision for Discount | 500 | 18,500 | Less: Provision | 500 | 9,500 |
| Salary Outstanding | 2,000 | Stock at Invoice Price | 10,000 | ||
| Less: Price Unloading | 2,000 | 8,000 | |||
| Investments | 8,000 | ||||
| Less: Fluctuation Fund | 500 | 7,500 | |||
| Current Account—Z | 2,000 | ||||
| 1,10,000 | 1,10,000 | ||||
Investments were taken over by X at 6,000; Creditors of 10,000 were taken over by at 9,900. Remaining creditors were paid 7,500. Joint Life Policy was surrendered at book value, and fixed assets realised 70,000. Stock and debtors realised 7,000 and 9,000 respectively. One customer, whose account was written off as bad, now paid SOO which is not included in 9,000 above. There was one unrecorded asset estimated at 3,000, half of which was handed over to an unrecorded liability of 5,000 in settlement of 1,300.
claim of 2,500 and remaining half was sold in the market which realised Remaining unrecorded liability of 2,500 was paid by cheque.
400 per month. Y was to be an realisation expenses also. Actual realisation expenses Y took over the responsibility of completing the dissolution and he is granted a salary of amounted to 1,100. Dissolution was completed and final payments were made on 31st July, 2022.
You are required to prepare the Realisation Account, Capital Accounts and the Bank Account. Realisation expenses were paid out of firm’s bank account on behalf of Y.
The solution of Question 30 Chapter 7 – Class 12 Part 1 Unimax: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | ||
| To Fixed Assets | 50,000 | By Provision for doubtful debts | 500 | ||
| To Joint Life Policy | 10,000 | By Investment Fluctuation Fund | 500 | ||
| To Debtors | 10,000 | By Joint Life Policy Fund | 10,000 | ||
| To Stock | 8,000 | By Creditors | 19,000 | ||
| To Investments | 8,000 | By Salary outstanding | 2,000 | ||
| To Provision for discount | 500 | By X’s Capital A/c | 6,000 | ||
| To Y’s Capital A/c | -Investments | ||||
| -Creditors taken over | 9,900 | By Bank A/c | |||
| -Salary | 1,600 | 11,500 | JLP | 10,000 | |
| To Bank A/c | Fixed Assets | 70,000 | |||
| Salaries outstanding (400 x 4) | 2,000 | Stock | 7,000 | ||
| Creditors | 7,500 | Debtors | 9,000 | ||
| Unrecorded Liability | 2,500 | 12,000 | Bad debt recovered | 800 | |
| To Profit transferred to capital A/cs | Unrecorded asset | 1,300 | 98,100 | ||
| X | 10,440 | ||||
| Y | 10,440 | ||||
| Z | 5,220 | 26,100 | |||
| 1,36,100 | 1,36,100 | ||||
Partner’s Capital a/c
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To current A/c | 2,000 | By balanced b/d | 40,000 | 30,000 | |||
| To Realisation A/c | 6,000 | By Reserve Fund | 4,000 | 4,000 | 2,000 | ||
| (Investments) | By Realisation A/c | 9,900 | |||||
| To Bank A/c | 1,100 | Creditors & Salary | 1,600 | ||||
| To Cash A/c | 48,440 | 54,840 | 5,220 | By Realisation A/c | 10,440 | 10,440 | 5,220 |
| (Profit) | |||||||
| 54,440 | 55,940 | 7,220 | 54,440 | 55,940 | 7,220 |
Cash A/c
| Particulars | Amount | Particulars | Amount |
| To Balance b/d | 32,500 | By Realisation A/c | 12,000 |
| To Realisation A/c | 98,100 | (Payment of Liabilities) | |
| (assets realised) | By X’s capital A/c | 48,440 | |
| By Y’s capital A/c | 54,840 | ||
| By Z’s capital A/c | 5,220 | ||
| By Y’s capital A/c | 1,100 | ||
| 1,21,600 | 1,21,600 |
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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