Question 03 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 03 Chapter 7 – Unimax Class 12 Part 1 – 2021

Table of Contents

3. Pass the necessary Journal entries for the following transactions:

Unrecorded assets of ₹ 12000 were sold for ₹ 16000.
A creditor to whom ₹ 9000 was payable agreed to accept office equipment of ₹7000 in full settlement.
A car that was completely written off from the books was taken over by partner A for ₹ 25000.
The realisation profit of ₹7000 is to be distributed between A and B in the ratio of 4:3.
Creditors already transferred to realisation a/c were paid ₹ 2000.

The solution of Question 03 Chapter 7 – Unimax Class 12 Part 1: –

Journal Entries

Particulars		L.F.	Debit	Credit
Cash a/c	Dr.		16,000
To realisation a/c				16,000
(Being amount realized from unrecorded assets)

No entry

A’s capital a/c	Dr.		25,000
To realisation a/c				25,000
(Being car taken over by A)

Realisation a/c	Dr.		7,000
To A’s capital a/c				4,000
To B’s capital a/c				3,000
(Being profit on real. Credited to partners in the ratio of 4:3)

Realisation a/c	Dr.		2,000
To cash a/c				2,000
(Being payment of cash to creditors)

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