Question 06 Chapter 7 of +2-A - T.S. Grewal 12 Class Part

Question 06 Chapter 7 of +2-A

Table of Contents

The solution of Question 06 Chapter 7 of +2-A: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

6. Pass Journal entries for the following transactions at the time of dissolution of the firm:
a Loan of 10,000 advanced by a partner to the firm was refunded.
b X, a partner, takes over an unrecorded asset Typewriter at 300.
c Undistributed balance Debit of Profit and Loss Account 30,000. The firm has three partners X,Y and Z.
d Assets of the firm realized 1,25,000.
e Y who undertakes to carry out the dissolution proceedings is paid 2,000 for the same.
f Creditors are paid 28,000 in full settlement of their account of 30,000.

The solution of Question 06 Chapter 7 of +2-A: –

Date	Particulars		L.F.	Debit	Credit
a	Partner’s Loan A/c	Dr.		10,000
	To Bank A/c				10,000
	(Being Loan refunded)
b	X’s Capital A/c	Dr.		10,000
	To Realization A/c				10,000
	(Being Unrecorded asset stook over)
c	X’s Capital A/c	Dr.		10,000
	Y’s Capital A/c	Dr.		10,000
	Z’s Capital A/c	Dr.		10,000
	To X’s Capital A/c				30,000
	(Being Loss distributed)
d	Bank A/c	Dr.		1,25,000
	To Realization A/c				1,25,000
	(Being Assets realized)
e	Realizations A/c	Dr.		2,000
	To Y’s Capital A/c				2,000
	(Being Amount given for dissolution proceedings)
f	Realization A/c	Dr.		28,000
	To Bank A/c				28,000
	(Being Creditors paid)

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

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