Question 06 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 06 Chapter 7 – Unimax Class 12 Part 1 – 2021

Table of Contents

6. Pass necessary Journal entries for the following:

Dissolution exp.₹ 2500 were paid by the X.
An unrecorded asset realized ₹6000.
Stock already transferred to realisation a/cwas taken over by Y at an agreed value of ₹3500.
The firm had a joint life policy which was not shown in the books. The surrender value of the policy on the date of Dissolution was ₹ 28000 and the policy was surrendered.
Loss on Dissolution ₹15000 was distributed between the partners X and Y in the ratio of 2:1.

The solution of Question 06 Chapter 7 – Unimax Class 12 Part 1: –

Journal Entries

Particulars		L.F.	Debit	Credit
Realisation a/c	Dr.		2,500
To X’s capital a/c				2,500
(Being Realisation exp. Met by X)

Cash a/c	Dr.		6,000
To Realisation a/c				6,000
(Being amount realized from the sale of unrecorded assets)

Y‘s capital a/c	Dr.		3,500
To Realisation a/c				3,500
(Being stock taken over by Y)

Bank a/c	Dr.		28,000
To Realisation a/c				28,000
(Being money realized from the surrender of J.L.P)

X’s capital a/c	Dr.		10,000
Y’s capital a/c	Dr.		5,000
To realisation a/c				15,000
(Being loss on Realisation debited to partners capital and a/cs in 2:1)

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Dissolution of a Partnership Firm – its Methods

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