Question 10 Chapter 7 of Class 12 Part – 1 2024

Question 10 Chapter 7 of Class 12 Part – 1 2024

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

The solution of Question 10 Chapter 7 of Class 12 Part – 1 2024: -

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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.

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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)