Question 01 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 01 Chapter 7 – Unimax Class 12 Part 1 – 2021

Table of Contents

1. Pass necessary Journal entries for the following transactions at the dissolution of the firm.

loan of ₹ 10000 advanced by a partner to the firm was refunded.
X a partner takes over an unrecorded asset (typewriter) at ₹300.
Undistributed balance (debit) of P/L a/c is ₹ 30000. The firm has three partners X, Y and Z.
The assets of the firm realized ₹ 125000.
Y who undertakes to carry out the dissolution proceedings is given credit of ₹ 2000 for the same.
Creditors were paid ₹ 28000 in full settlement of their claim of ₹ 30000.

The solution to Question 01 Chapter 7 – Unimax Class 12 Part 1: –

Journal Entries

Particulars		L.F.	Debit	Credit
Partners loan a/c	Dr.		10,000
To Bank a/c				10,000
(Being partners loan refunded)

X’s capital a/c	Dr.		300
To realisation a/c				300
(Being an unrecorded asset realized at rs.300)

X’s capital a/c	Dr.		10,000
Y‘s capital a/c	Dr.		10,000
Z’s capital a/c	Dr.		10,000
To P/L a/c				30,000
(Being undistributed balance of p/l a/c transferred to partners capital a/c)

Bank a/c	Dr.		1,25,000
To realisation a/c				1,25,000
(Being assets realized)

Realisation a/c	Dr.		2,000
To Y‘s capital a/c				2,000
(Being charges paid by Y for dissolution expenses.)

Realisation a/c	Dr.		28,000
To Bank a/c				28,000
(Being amount paid to creditors)

For more Explanation please check out the following link: –

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Dissolution of a Partnership Firm – its Methods

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