Q.No.4 | Chapter 7 – Dissolution of a Partnership Firm | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

Question 04 Chapter 7 of +2-A

4. Record necessary Journal entries in the following cases:
a Creditors worth 85,000 accepted 40,000 as cash and Investment worth 43,000, in full settlement of their claim.
b Creditors were 16,000. They accepted Machinery valued at 18,000 in settlement of their claim.
c Creditors were 90,000. They accepted Building valued at 1,20,000 and paid cash to the firm 30,000

 

The solution of Question 04 Chapter 7 of +2-A: -

 

Date	Particulars		L.F.	Debit	Credit
a	Realization A/c	Dr.		40,000
	To Cash A/c				40,000
	(Being Cash paid to creditors in full settlement)
b	No Entry
c	Cash A/c	Dr.		5,000
	To Realization A/c				5,000
	(Being Creditors worth Rs90,000 accepted Building worth Rs1,20, 000 and paid back Rs30,000 as cash after settlement of claim to the firm)

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication