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Question 10 Chapter 7 of +2-Part-1
10. (Realisation Entries) Pass journal entries :
(a) On dissolution a machine of Rs. 8,000 was found unrecorded it in realised at Rs. 7,000. Expenses Rs. 200 incurred on its realisation.
(b) Investment in shares was written off three years ago. It was found to be worth Rs. 5,000 on dissolution. Partner X took over the shares.
(c) Unrecorded assets of Rs. 3,000 was given to a creditor of Rs. 4,000 whose claim was omitted from books. The balance to the creditor was settled in cash.
(d) As per court order a liability of Rs. 12,000 is paid to employee as compensation
We are providing a solution of Question 10 Chapter 7 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 6 to 10 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 10 from the flowing video by using time stamps of the video.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | cash A/c | Dr. | 6,800 | ||
| To Realisation A/c | 6,800 | ||||
| (Being unrecorded machine realised at ₹ 7,000 and expenses paid ₹ 200) | |||||
| b) | X’s capital A/c | Dr. | 5,000 | ||
| To Realisation A/c | 5,000 | ||||
| (Being unrecorded investments taken over by X ) | |||||
| c) | Realisation A/c | Dr. | 1,000 | ||
| To Cash A/c | 1,000 | ||||
| (Being creditor’s A/c settlement by cash payment) | |||||
| d) | Realisation A/c | Dr. | 12,000 | ||
| To Cash A/c | 12,000 | ||||
| (Being dissolution expense paid) | |||||
Comment if you have any questions.
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 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 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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