Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 08 Chapter 7 – Unimax Class 12 Part 1 – 2021

Table of Contents

8. Pass the necessary Journal entries:

A was to bear all the realisation expenses for which he was given a commission of 2% of net cash realized from dissolution. Cash realized from assets was ₹ 100000 and cash paid for liabilities amounted to ₹ 30000.
X and Y were two partners sharing profits and losses in 2:1. At the time of dissolution of the firm, deferred revenue advertising expenditure appeared at ₹ 150000 in the books.
A has given loan to the firm of ₹ 120000. It was paid back to him at the time of dissolution.

The solution of Question 08 Chapter 7 – Unimax Class 12 Part 1: –

Journal Entries

Particulars		L.F.	Debit	Credit
Realisation a/c	Dr.		1,400
To A’s capital a/c				1,400
(Being comm. Paid to A for realizing various assets & liabilities @2% of net cash realised)

X’s capital a/c	Dr.		1,00,000
Y‘s capital a/c	Dr.		50,000
To deff. Revenue advertising expenditure				1,50,000
( Being deff. Revenue advertising expenditure written off in partners in old profit sharing ratio)

A’s loan a/c	Dr.		1,20,000
To Bank a/c				1,20,000
(Being A’s loan paid)

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Dissolution of a Partnership Firm – its Methods

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