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

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

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

Free Accounting book Solution - Class 11 and Class 12

8. Pass the necessary Journal entries:

  1. 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.
  2. 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.
  3. 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)        

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.

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 PSEB – Class 12 – Part -1 – Solution

Usha Publication – Accountancy PSEB – Class 12 – Part II – Solution

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

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