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Question 03 Chapter 7 of +2-Part-1
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3. (Realisation Entries) Pass the necessary Journal Entries for the following transactions c the dissolution of the firm of James and Haider who were sharing profit and losses in th ratio of 2 1. The various assets (other than cash) and outside liabilities have bee transferred to realization account:
- James agreed to pay off his brother’s loan Rs. 10,000.
- Debtors realized Rs. 12,000.
- Haider took over all investments at Rs. 12,000.
- Sundry creditors Rs. 20,000 were paid at 5% discount.
- Realisation expenses amounted to Rs. 2,000.
- Loss on realization was Rs. 10,200.
We are providing a solution of Question 3 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:
1. Check out the Solution of this question in Video Format:-
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The video consists solution of question numbers from 1 to 5 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 3 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 03 Chapter 7 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Realisation A/c | Dr. | 10,000 | ||
| To James capital A/c | 10,000 | ||||
| (Being James agrees to pay off ) | |||||
| b) | Cash A/c | Dr. | 12,000 | ||
| To Realisation A/c | 12,000 | ||||
| (Being cash realized from debtors on dissolution of partnership ) | |||||
| c) | Haider’s capital A/c | Dr. | 12,000 | ||
| To Realisation A/c | 12,000 | ||||
| (Being investments taken over by Haider on dissolution ) | |||||
| d) | Realisation A/c | Dr. | 19,000 | ||
| To Cash A/c | 19,000 | ||||
| (Being creditors paid off at 5 % discount on dissolution ) | |||||
| e) | Realisation A/c | Dr. | 2,000 | ||
| To Cash A/c | 2,000 | ||||
| (Being realisation expense paid off ) | |||||
| f) | James’s capital A/c | Dr. | 6,800 | ||
| Haider’s capital A/c | Dr. | 3,400 | |||
| To Realisation A/c | 10,200 | ||||
| (Being loss on distributed among partners ) | |||||
Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
