Question 07 Chapter 7 - Unimax Class 12 Part 1 - 2021

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

Advertisement-X

Also, Check out the same article in Hindi from the following link

Class +2 – Accounting Books solutions for free

Usha Publication Accountancy Class 12 – Part – 1 – PSEB- Solution

Usha Publication Accountancy Class 12 – Part – 2 – PSEB- Solution

Advertisement-X

T.S. Grewal’s Book Keeping +2 Part – A Vol. I – Solution

T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution

T.S. Grewal’s Book Keeping +2 Part – B – Solution