
Question 06 Chapter 7 - Unimax Class 12 Part 1 - 2021
6. Pass necessary Journal entries for the following:
Journal Entries
| Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|
| Realisation a/c | Dr. | 2,500 | ||
| To X’s capital a/c | 2,500 | |||
| (Being Realisation exp. Met by X) | ||||
| Cash a/c | Dr. | 6,000 | ||
| To Realisation a/c | 6,000 | |||
| (Being amount realized from the sale of unrecorded assets) | ||||
| Y‘s capital a/c | Dr. | 3,500 | ||
| To Realisation a/c | 3,500 | |||
| (Being stock taken over by Y) | ||||
| Bank a/c | Dr. | 28,000 | ||
| To Realisation a/c | 28,000 | |||
| (Being money realized from the surrender of J.L.P) | ||||
| X’s capital a/c | Dr. | 10,000 | ||
| Y’s capital a/c | Dr. | 5,000 | ||
| To realisation a/c | 15,000 | |||
| (Being loss on Realisation debited to partners capital and a/cs in 2:1) |
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.
This guide covers "Question 06 Chapter 7 - Unimax Class 12 Part 1 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm).
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