Question 04 Chapter 7 of +2-A
Table of Contents
4. Record necessary Journal entries in the following cases:
a Creditors worth 85,000 accepted 40,000 as cash and Investment worth 43,000, in full settlement of their claim.
b Creditors were 16,000. They accepted Machinery valued at 18,000 in settlement of their claim.
c Creditors were 90,000. They accepted Building valued at 1,20,000 and paid cash to the firm 30,000
The solution of Question 04 Chapter 7 of +2-A: –
| Date | Particulars |
L.F. | Debit | Credit | |
| a | Realization A/c | Dr. | 40,000 | ||
| To Cash A/c | 40,000 | ||||
| (Being Expenses paid by the firm on behalf of Alok) | |||||
| b | No Entry | ||||
| c | Cash A/c | Dr. | 5,000 | ||
| To Realization A/c | 5,000 | ||||
| (Being Creditors worth Rs90,000 accepted Building worth Rs1,20, 000 and paid back Rs30,000 as cash after settlement of claim to the firm) | |||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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