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Question 04 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 04 Chapter 7 of +2- Part
Q-4 - CH-7 - Usha +2 Book 2018 - Solution

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Question 04 Chapter 7 of +2-Part-1

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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:

  1. General Reserve Rs. 10,000
  2. Reserve Fund Rs. 8,000
  3. Profit and Loss A/c (Dr.) Rs. 20,000
  4. Advertisement Suspense A/c Rs. 5,000
  5. Partner C’s loan 10,000 was paid by the firm in cash .
  6. 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.

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Day - 145 Solution of Questions 1 to 5 Dissolution of Partnership Firm Chapter 6 Accounts class 12

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.DebitCredit
a&b)General Reserve A/cDr. 10,000 
 Reserve Fund A/cDr. 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/cDr. 15,000 
 D’s capital A/cDr. 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/cDr. 10,000 
 To Cash A/c   10,000
 (Being C’s Loan paid by firm)    
      
f)D’s Loan A/cDr. 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.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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