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Question 43 Chapter 7 – Class 12 Part 1 Unimax
43. X, Y and Z commenced business on 1st January 2021, with capitals of 1,00 000 50,000 and 60,000 respectively. Profits and Losses were shared in the ratio of 4 : 3 : 3. Capitals carried interest at 5% p.a. During 2021 and 2022 they mae profits of 40,000 and 50,000 (before allowing interest on capitals). The drawings of each partner were 10,000 per year.
On 31st December, 2022, the firm was dissolved. Creditors on that date were 24,000. The Assets realized 2,60,000 net. Give necessary accounts to close the books of the firm.
The solution of Question 43 Chapter 7 – Class 12 Part 1 Unimax: –
Realisation a/c
| Particulars | Amount | Particulars | Amount | ||
| To Sundry Assets | 2,94,000 | By Sundry creditors | 24,000 | ||
| To Cash A/c | 24,000 | By Bank A/c | 2,60,000 | ||
| – Creditors | (assets realised) | ||||
| By Loss transferred to Capital A/cs | |||||
| X | 13,600 | ||||
| Y | 10,200 | ||||
| Z | 10,200 | 34,000 | |||
| 3,18,000 | 3,18,000 | ||||
Partner’s Capital a/c
| Particulars | X | Y | Z | Particulars | X | Y | Z |
| To Realisation A/c (Loss) | 13,600 | 10,200 | 10,200 | By balanced b/d | 1,16,510 | 87,700 | 65,720 |
| To Cash A/c | 1,02,910 | 77,570 | 55,520 | ||||
| 1,16,510 | 87,770 | 65,720 | 1,16,510 | 87,770 | 65,720 |
Cash A/c
| Particulars | Amount | Particulars | Amount |
| To balanced b/d | – | By Realisation A/c | 24,000 |
| To Realisation A/c | 2,60,000 | By X’s capital A/c | 1,02,910 |
| -Assets realised | By Y’s capital A/c | 77,570 | |
| By Z’s capital A/c | 55,520 | ||
| 2,60,000 | 2,60,000 |
Working Note:
Balance Sheet on Date of Dissolution
| Liabilities | Amount | Assets | Amount | ||
| Capital A/cs | |||||
| X | 1,16,510 | Sundry Assets (B.F.) | 2,94,000 | ||
| Y | 87,770 | ||||
| Z | 65,720 | 2,70,000 | |||
| Creditors | 24,000 | ||||
| 2,94,000 | 2,94,000 | ||||
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