Question 40 Chapter 7 – Class 12 Part 1 Unimax -

Question 40 Chapter 7 – Class 12 Part 1 Unimax

40. Peter, Roberts and Sunny commenced business on 1st April, 2020 with capitals of 60,000, 50,000 and 40,000 respectively. Profits for the first year were T 50,000 while the losses in the second year amounted to ‘‘`’ 14,000. Drawings per partner were Z 7,000 p.a.
The firm was dissolved on April 1, 2022. Creditors on that day were 14,000 who were paid 12,500 in full and final settlement. Cash amounted to Z 5,000 on that date. Others assets realised Z L62,000. Expenses amounted to 3,000. Prepare the Realisation Account,
Capital A/cs and Cash A/c.

Table of Contents

The solution of Question 40 Chapter 7 – Class 12 Part 1 Unimax: –

Realisation a/c

Particulars		Amount	Particulars	Amount
To Sundry Assets		1,53,000	By Sundry creditors	14,000
To Cash A/c			By Bank A/c	1,62,000
– Creditors	12,500
– Expenses	3,000	15,500
To Profit Transferred to Capital A/cs
Peter	2,500
Roberts	2,500
Sunny	2,500	7,500

		1,76,000		1,76,000

Partner’s Capital a/c

Particulars	Peter	Roberts	Sunny	Particulars	Peter	Roberts	Sunny
To Cash A/c	60,500	50,500	40,500	By balanced b/d	58,000	48,000	38,000
				By Realisation A/c	2,500	2,500	2,500

	60,500	50,500	40,500		60,500	50,500	40,500

Bank A/c

Particulars	Amount	Particulars	Amount
To balanced b/d	5,000	By Realisation A/c	15,500
To Realisation A/c	1,62,000	By Peter’s capital A/c	60,500
-Assets realised		By Roberts’s capital A/c	50,500
		By Sunny’s capital A/c	40,500

	1,67,000		1,67,000

Working Note:

Balance Sheet on Date of Dissolution

Liabilities		Amount	Assets	Amount
Capital A/cs			cash at Bank	5,000
Peter	58,000		Sundry Assets (B.F.)	1,53,000
Roberts	48,000
Sunny	38,000	1,44,000
Creditors		14,000


		1,58,000		1,58,000

CAPITAL AS ON DATE OF DISSOLUTION

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

Question 02 Chapter 7 – Class 12 Part 1 Unimax

Question 03 Chapter 7 – Class 12 Part 1 Unimax

Question 04 Chapter 7 – Class 12 Part 1 Unimax

Question 05 Chapter 7 – Class 12 Part 1 Unimax

Question 06 Chapter 7 – Class 12 Part 1 Unimax

Question 07 Chapter 7 – Class 12 Part 1 Unimax

Question 08 Chapter 7 – Class 12 Part 1 Unimax

Question 10 Chapter 7 – Class 12 Part 1 Unimax

Question 09 Chapter 7 – Class 12 Part 1 Unimax

Question 11 Chapter 7 – Class 12 Part 1 Unimax

Question 12 Chapter 7 – Class 12 Part 1 Unimax

Question 13 Chapter 7 – Class 12 Part 1 Unimax

Question 14 Chapter 7 – Class 12 Part 1 Unimax

Question 15 Chapter 7 – Class 12 Part 1 Unimax

Question 16 Chapter 7 – Class 12 Part 1 Unimax

Question 17 Chapter 7 – Class 12 Part 1 Unimax

Question 18 Chapter 7 – Class 12 Part 1 Unimax

Question 19 Chapter 7 – Class 12 Part 1 Unimax

Question 20 Chapter 7 – Class 12 Part 1 Unimax

Question 21 Chapter 7 – Class 12 Part 1 Unimax

Question 22 Chapter 7 – Class 12 Part 1 Unimax

Question 23 Chapter 7 – Class 12 Part 1 Unimax

Question 24 Chapter 7 – Class 12 Part 1 Unimax

Question 25 Chapter 7 – Class 12 Part 1 Unimax

Question 26 Chapter 7 – Class 12 Part 1 Unimax

Question 27 Chapter 7 – Class 12 Part 1 Unimax

Question 28 Chapter 7 – Class 12 Part 1 Unimax

Question 29 Chapter 7 – Class 12 Part 1 Unimax

Question 30 Chapter 7 – Class 12 Part 1 Unimax

Question 31 Chapter 7 – Class 12 Part 1 Unimax

Question 32 Chapter 7 – Class 12 Part 1 Unimax

Question 33 Chapter 7 – Class 12 Part 1 Unimax

Question 34 Chapter 7 – Class 12 Part 1 Unimax

Question 35 Chapter 7 – Class 12 Part 1 Unimax

Question 36 Chapter 7 – Class 12 Part 1 Unimax

Question 37 Chapter 7 – Class 12 Part 1 Unimax

Question 38 Chapter 7 – Class 12 Part 1 Unimax

Question 39 Chapter 7 – Class 12 Part 1 Unimax

Question 40 Chapter 7 – Class 12 Part 1 Unimax

Question 41 Chapter 7 – Class 12 Part 1 Unimax

Question 42 Chapter 7 – Class 12 Part 1 Unimax

Question 43 Chapter 7 – Class 12 Part 1 Unimax

Question 44 Chapter 7 – Class 12 Part 1 Unimax

Question 45 Chapter 7 – Class 12 Part 1 Unimax

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.

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.

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.