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Question 12 Chapter 7 of +2-Part-1
12 (Journal Entries) What journal entries will be passed for the following transactions on the dissolution of the firm.
1. An unrecorded asset realized Rs. 1,300.
2. Total creditors of the firm were Rs. 30,000 outs of this creditors waived their claim Rs. 5,000 while the rest agreed to allow discount @ 10% on their respective claim
3. Z was entrusted with the job of dissolution at a cost of Rs. 1,200, while actual amount was Rs. 1,600.
We are providing a solution of Question 12 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 11 to 14 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 12 from the flowing video by using time stamps of the video.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Bank A/c | Dr. | 1,300 | ||
| To Realisation A/c | 1,300 | ||||
| (Being unrecorded assets realized) | |||||
| b) | Realisation A/c | Dr. | 22,500 | ||
| To cash A/c | 22,500 | ||||
| (Being creditors paid at 10% less) | |||||
| c) | Realisation A/c | Dr. | 1,200 | ||
| To Z’s capital A/c | 1,200 | ||||
| (Being realisation expenses payable to Z) | |||||
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 12 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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 12 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1" instantly.
