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Question 09 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 09 Chapter 7 of +2-A
Question No.09 Chapter No.7 - T.S. Grewal +2 Book 2019-Solution

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Question 09 Chapter 7 of +2-A

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9. Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:
a There was an old furniture in the firm which had been written off completely in the books. This was sold for 3,000.
b Ashish, an old customer whose account for 1,000 was written off as bad in the previous year, paid 60%, of the amount.
c Paras agreed to takeover the firm’s goodwill not recorded in the books of the firm, at a valuation of 30,000.
d There was an old typewriter which had been written off completely from the books. It was estimated to realise 400. It was taken by Priya at an estimated price less 25%.
e There were 100 shares of 10 each in Star Limited acquired at a cost of 2,000 which had been written-off completely from the books. These shares are valued @ 6 each and divided among the partners in their profit-sharing ratio.

 

The solution of Question 09 Chapter 7 of +2-A: –

 

DateParticulars
L.F.DebitCredit
aCash/Bank A/cDr. 3,000 
 To Realization A/c   3,000
 (Being Old and unrecorded furniture sold)   
bCash/Bank A/cDr. 600 
 To Realization A/c   600
 (Being Bad debts previously written off now recovered)    
cParas’s Capital A/cDr. 30,000 
 Paras’s Capital A/c   30,000
 (Being Unrecorded goodwill taken over by Paras)    
dPriya’s Capital A/cDr. 300 
 To Realization A/c   300
 (Being Unrecorded Typewriter taken over by Priya at 25)    
eParas’s Capital A/cDr. 300 
 Priya’s Capital A/cDr. 300 
 To Realization A/c   600
 (Being 100 unrecorded shares of Rs10each in the books taken @Rs6 each by Paras and Priya and divided between the min profit sharing ratio)    

 

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

 

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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