Question 07 Chapter 7 – Unimax Class 12 Part 1 – 2021
Table of Contents
7. Pass necessary Journal entries for the following transactions at the time of dissolution of the firm:
- Undistributed balance (Cr.) Of P/L a/c is ₹ 80000. The firm has two equal partners Pand Q.
- The assets of the firm realized ₹ 200000.
- Creditors were paid ₹ 77000 in full settlement of their account of ₹ 80000.
The solution of Question 07 Chapter 7 – Unimax Class 12 Part 1: –
Journal Entries
| Particulars | L.F. | Debit | Credit | |
| P/L a/c | Dr. | 80,000 | ||
| To P’s capital a/c | 40,000 | |||
| To Q’s capital a/c | 40,000 | |||
| (Being cr. bal. of p/l a/c transferred to partners capital a/cs) | ||||
| Cash a/c | Dr. | 20,000 | ||
| To Realisation a/c | 20,000 | |||
| (Being assets realized) | ||||
| Realisation a/c | Dr. | 77,000 | ||
| To cash a/c | 77,000 | |||
| (Being creditors were paid in full settlement) |
For more Explanation please check out the following link: –
Read out the full article
Dissolution of a Partnership Firm – its Methods
Also, Check out the same article in Hindi from the following link
Dissolution of a Partnership Firm – its Methods – in Hindi
Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.
- Chapter No. 1 – Share Capital
- Chapter No. 2 – Debentures
- Chapter No. 3 – Financial Statements of A Company (Balance Sheet Only)
- Chapter No. 4 – Analysis of Financial Statements
- Chapter No. 5 – Ratio Analysis
- Chapter No. 6 – Cash Flow Statement
Check out Other Publishers’ Book’s Solution:
Class +2 – Accounting Books solutions for free
Usha Publication Accountancy Class 12 – Part – 1 – PSEB- Solution
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Usha Publication Accountancy Class 12 – Part – 2 – PSEB- Solution
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