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Question 07 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 07 Chapter 7 of +2-A
Question No.07 Chapter No.7 - T.S. Grewal +2 Book 2019-Solution

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Question 07 Chapter 7 of +2-A

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7.Pass necessary Journal entries for the following transactions on the dissolution of the firm P and Q after the various assets other than cash and outside liabilities have been transferred to Realization Account:
a Bank Loan 12,000 was paid.
b Stock worth 16,000 was taken over by partner Q.
c Partner P paid a creditor 4,000.
d An asset not appearing in the books of accounts realized 1,200.
e Expenses of realization 2,000 were paid by partner Q. f Profit on realization 36,000 was distributed between P and Q in 5 : 4 ratio.

 

The solution of Question 07 Chapter 7 of +2-A: –

 

DateParticulars
L.F.DebitCredit
aPartner’s Loan A/cDr. 12,000 
 To Bank A/c   12,000
 (Being Bank loan paid at the time of dissolution)   
bQ’s Capital A/cDr. 16,000 
 To Realization A/c   16,000
 (Being Stock took over by Q)    
cRealization A/cDr. 4,000 
 To P’s Capital A/c   4,000
 (Being Loss distributed)    
 Bank A/cDr. 1,200 
 To Realization A/c   1,200
 (Being Unrecorded assets realized)    
dRealizations A/cDr. 2,000 
 To Q’s Capital A/c   2,000
 (Being Realization expenses paid by Q)    
fRealization A/cDr. 36,000 
 To P’s Capital A/c   20,000
 To Q’s Capital A/c   16,000
 (Being Realisation Profit distributed)    

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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

 

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 Firms

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