Question 06 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 06 Chapter 7 of +2-A

Question 06 Chapter 7 of +2-A

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)

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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2 Book 1 min - Question 06 Chapter 7 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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