Question 09 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part

Question 09 Chapter 7 of +2-Part-1

9. (Realisation Entries) Pass Journal Entries for the following transactions at the time of dissolution of the firm.
(a) The assets of the firm realised Rs. 1,00,000
(b) Creditors paid Rs. 26,000 in full settlement of their account of Rs.30,000
(c) Loan of Rs. 25,000 advanced by a partner to the firm on dissolution of the firm
(d) Dissolution Expenses amount to Rs. 1,000
(e) An unrecorded assets realized Rs. 1,500.

The Content covered in this article:

The solution of Question 09 Chapter 7 of +2 Part-1: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

The solution of Question 09 Chapter 7 of +2 Part-1: –

Journal
Date	Particulars		L.F.	Debit	Credit
a)	Bank A/c	Dr.		1,00,000
	To Realisation A/c				1,00,000
	(Being assets realized at the time dissolution)

b)	Realisation A/c	Dr.		26,000
	To Bank A/c				26,000
	(Being the payments to creditors at the time dissolution)

c)	Realisation A/c	Dr.		25,000
	To A’s capital A/c				25,000
	(Being repayment of loan to a partner )

d)	Realisation A/c	Dr.		1,000
	To Cash A/c				1,000
	(Being dissolution expense paid)

e)	Cash A/c	Dr.		1,500
	To Realisation A/c				1,500
	(Being amount realised from unrecorded assets )