Question 07 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 7 of +2- Part

Question 07 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

7. (Unrecorded Liabilities) On 31 March a firm of partner X and A was dissolved was an outstanding bill of salary of Rs. 8,000. Pass journal entry when :
(a) It is settled for Rs. 6,000.
(b) It is assumed by X for Rs. 6,000.

The solution of Question 07 Chapter 7 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
a) Realisation A/c Dr.   6,000  
  To Bank A/c       6,000
  (Being liability paid on dissolution of the firm )        
           
b) Realisation A/c Dr.   6,000  
  To cash A/c       6,000
  (Being firm’s liability assumed by partner X on dissolution X of the firm )        
         

Comment if you have any questions.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 07 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

Leave a Reply

Your email address will not be published. Required fields are marked *