Question 04 Chapter 7 – Unimax Class 12 Part 1 – 2021
Table of Contents
4. Pass the journal entries for the firm of partners X and Y.
- Dissolution exp. Amounted to ₹ 6000
- An unrecorded asset realized ₹ 22000
- Stock worth ₹ 22000 already transferred to realisation a/c was taken over by partner X.
- Credit already transferred to realisation a/c were paid ₹ 32000.
- Profit on the realisation of 40000 is to be distributed between partners X and Y in the ratio of 3:1.
- Y is to bear realisation exp. For which he will get ₹ 39000, the actual expense paid by Y was 3200 out of his private funds.
The solution of Question 04 Chapter 7 – Unimax Class 12 Part 1: –
Journal Entries
| Particulars | L.F. | Debit | Credit | |
| Realisation a/c | Dr. | 6,000 | ||
| To cash a/c | 6,000 | |||
| (Being dissolution exp. Paid) | ||||
| Cash a/c | Dr. | 22,000 | ||
| To realisation a/c | 22,000 | |||
| (Being the amount realized from the unrecorded assets) | ||||
| X’s capital a/c | Dr. | 22,000 | ||
| To Realisation a/c | 22,000 | |||
| (Being stock taken over by X) | ||||
| Realisation a/c | Dr. | 32,000 | ||
| To cash a/c | 32,000 | |||
| ( Being creditors Paid off a dissolution) | ||||
| Realisation a/c | Dr. | 40,000 | ||
| To X’s capital a/c | 30,000 | |||
| To Y capital a/c | 10,000 | |||
| (Being profit on Realisation cr to partners in 3:1.) | ||||
| Realisation a/c | Dr. | 3,900 | ||
| To Y’s capital a/c | 3,900 | |||
| (Being exp. Paid to Y) |
For more Explanation please check out the following link: –
Read out the full article
Dissolution of a Partnership Firm – its Methods
Also, Check out the same article in Hindi from the following link
Dissolution of a Partnership Firm – its Methods – in Hindi
Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- 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)
Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.
- Chapter No. 1 – Share Capital
- Chapter No. 2 – Debentures
- Chapter No. 3 – Financial Statements of A Company (Balance Sheet Only)
- Chapter No. 4 – Analysis of Financial Statements
- Chapter No. 5 – Ratio Analysis
- Chapter No. 6 – Cash Flow Statement
Check out Other Publishers’ Book’s Solution:
Class +2 – Accounting Books solutions for free
Usha Publication Accountancy Class 12 – Part – 1 – PSEB- Solution
Advertisement-X
Usha Publication Accountancy Class 12 – Part – 2 – PSEB- Solution
T.S. Grewal’s Book Keeping +2 Part – A Vol. I – Solution
T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution
T.S. Grewal’s Book Keeping +2 Part – B – Solution