
Question 04 Chapter 7 - Unimax Class 12 Part 1 - 2021
4. Pass the journal entries for the firm of partners X and Y.
Journal Entries
| Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|
| Realisation a/c | Dr. | 6,000 | ||
| To cash a/c | 6,000 | |||
| (Being dissolution exp. Paid) | ||||
| Cash a/c | Dr. | 22,000 | ||
| To realisation a/c | 22,000 | |||
| (Being the amount realized from the unrecorded assets) | ||||
| X’s capital a/c | Dr. | 22,000 | ||
| To Realisation a/c | 22,000 | |||
| (Being stock taken over by X) | ||||
| Realisation a/c | Dr. | 32,000 | ||
| To cash a/c | 32,000 | |||
| ( Being creditors Paid off a dissolution) | ||||
| Realisation a/c | Dr. | 40,000 | ||
| To X’s capital a/c | 30,000 | |||
| To Y capital a/c | 10,000 | |||
| (Being profit on Realisation cr to partners in 3:1.) | ||||
| Realisation a/c | Dr. | 3,900 | ||
| To Y’s capital a/c | 3,900 | |||
| (Being exp. Paid to Y) |
For more Explanation please check out the following link: –
Read out the full article
Dissolution of a Partnership Firm – its Methods
Also, Check out the same article in Hindi from the following link
Dissolution of a Partnership Firm – its Methods - in Hindi
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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