Question 04 Chapter 7 of +2-Part-1
4. (Journal Entries) A firm of partner C and D sharing profits in 3:2 ratio was dissolve. The following balance appeared in the books:
- General Reserve Rs. 10,000
- Reserve Fund Rs. 8,000
- Profit and Loss A/c (Dr.) Rs. 20,000
- Advertisement Suspense A/c Rs. 5,000
- Partner C’s loan 10,000 was paid by the firm in cash .
- Loan Rs. 25,000 given by ‘D’ to the firm was transferred to his capital account .
You are required to pass journal entries.
We are providing a solution of Question 4 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:-
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. 4 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 04 Chapter 7 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a&b) | General Reserve A/c | Dr. | 10,000 | ||
| Reserve Fund A/c | Dr. | 8,000 | |||
| To C’s capital A/c | 10,800 | ||||
| To D’s capital A/c | 7,200 | ||||
| (Being reserve funds transferred to partners capital account in their profit sharing ratio i.e. 3 : 2) | |||||
| c&d) | C’s capital A/c | Dr. | 15,000 | ||
| D’s capital A/c | Dr. | 10,000 | |||
| To profit & loss A/c | 20,000 | ||||
| To Advertisement suspense A/c | 5,000 | ||||
| (Being profit & loss and Advertisement suspense through partners capital account in profit sharing ratio i.e. 3 : 2) | |||||
| e) | C’s loan A/c | Dr. | 10,000 | ||
| To Cash A/c | 10,000 | ||||
| (Being C’s Loan paid by firm) | |||||
| f) | D’s Loan A/c | Dr. | 25,000 | ||
| To D’s Capital A/c | 25,000 | ||||
| (Being D’s loan account balnce transferred to his capital A/c) | |||||
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
End of Post
Download a PDF of Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Advertisement-X
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
Advertisement-X