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Question 10 Chapter 7 - Class 12 Part 1 Unimax
10. A and B were partners in a firm sharing profits and losses equally. Their firm was dissolved on 15th March 2022, which resulted in loss of 30,000. On that date the capital account of A showed a credit balance of 20,000 and that of B a credit balance of 30,000. The cash account had a balance of 20,000. You are required to pass the necessary journal entries for (i) transfer of loss to the capital accounts of the partner, and (ii) making final payment to the partners.
Journal Entries
| Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|
| A’s Capital A/c | Dr. | 15,000 | ||
| B’s Capital A/c | Dr. | 15,000 | ||
| To Realisation A/c | 30,000 | |||
| (Being loss on dissolution transferred to capital A/cs) | ||||
| A’s capital a/c | Dr. | 5,000 | ||
| B’s capital a/c | Dr. | 15,000 | ||
| To Cash a/c | 20,000 | |||
| (Being transfer of the debit balance of p/l to partners capital a/cs. ) |
|
|
A |
B |
|
Capitals |
20,000 |
30,000 |
|
(-) Loss |
15,000 |
15,000 |
|
Final Payment |
5,000 |
15,000 |
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 10 Chapter 7 - Class 12 Part 1 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 7 - Partnership Accounts - VI (Dissolution of Partnership Firm).
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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