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Question 09 Chapter 7 of +2-A
9. Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:
a There was an old furniture in the firm which had been written off completely in the books. This was sold for 3,000.
b Ashish, an old customer whose account for 1,000 was written off as bad in the previous year, paid 60%, of the amount.
c Paras agreed to takeover the firm's goodwill not recorded in the books of the firm, at a valuation of 30,000.
d There was an old typewriter which had been written off completely from the books. It was estimated to realise 400. It was taken by Priya at an estimated price less 25%.
e There were 100 shares of 10 each in Star Limited acquired at a cost of 2,000 which had been written-off completely from the books. These shares are valued @ 6 each and divided among the partners in their profit-sharing ratio.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a | Cash/Bank A/c | Dr. | 3,000 | ||
| To Realization A/c | 3,000 | ||||
| (Being Old and unrecorded furniture sold) | |||||
| b | Cash/Bank A/c | Dr. | 600 | ||
| To Realization A/c | 600 | ||||
| (Being Bad debts previously written off now recovered) | |||||
| c | Paras’s Capital A/c | Dr. | 30,000 | ||
| To Realization A/c | 30,000 | ||||
| (Being Unrecorded goodwill taken over by Paras) | |||||
| d | Priya’s Capital A/c | Dr. | 300 | ||
| To Realization A/c | 300 | ||||
| (Being Unrecorded Typewriter taken over by Priya at 25) | |||||
| e | Paras’s Capital A/c | Dr. | 300 | ||
| Priya’s Capital A/c | Dr. | 300 | |||
| To Realization A/c | 600 | ||||
| (Being 100 unrecorded shares of Rs10each in the books taken @Rs6 each by Paras and Priya and divided between the min profit sharing ratio) | |||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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 "Q.No.9 | Chapter 7 – Dissolution of a Partnership Firm | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1.
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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