What is the main topic of "Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021"?

This guide covers "Question 08 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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It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.

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Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021

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Focus Topic:Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021

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Comprehensive academic guide covering core concepts of Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021.
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Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021

8. Pass the necessary Journal entries:

A was to bear all the realisation expenses for which he was given a commission of 2% of net cash realized from dissolution. Cash realized from assets was ₹ 100000 and cash paid for liabilities amounted to ₹ 30000.
X and Y were two partners sharing profits and losses in 2:1. At the time of dissolution of the firm, deferred revenue advertising expenditure appeared at ₹ 150000 in the books.
A has given loan to the firm of ₹ 120000. It was paid back to him at the time of dissolution.

The solution of Question 08 Chapter 7 - Unimax Class 12 Part 1: -

Journal Entries

Particulars

L.F.

Debit

Credit

Realisation a/c

Dr.

1,400

To A’s capital a/c

1,400

(Being comm. Paid to A for realizing various assets & liabilities @2% of net cash realised)

X’s capital a/c

Dr.

1,00,000

Y‘s capital a/c

Dr.

50,000

To deff. Revenue advertising expenditure

1,50,000

( Being deff. Revenue advertising expenditure written off in partners in old profit sharing ratio)

A’s loan a/c

Dr.

1,20,000

To Bank a/c

1,20,000

(Being A’s loan paid)

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Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021

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The solution of Question 08 Chapter 7 - Unimax Class 12 Part 1: -

Accountancy - Unimax Class 12 Part 1 – 2021 – Solution.

Accountancy - Unimax Class 12 Part 2 – 2021 – Solution.

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