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

Question 07 Chapter 7 of +2-Part-1

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

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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