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

Question 09 Chapter 7 of +2- Part

Question 09 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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 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 )        
         

Comment if you have any questions.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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

2 Book 1 min - Question 09 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

2 thoughts on “Question 09 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1”

  1. respected sir,
    i want to ask that In the 9th question part (c)
    realisation a/c dr. …..
    to A’s capital a/c. ….
    then here how can we say “to A’s capital a/c” because question don’t give any partner name
    question only says that – loan of 25000 advanced by a partner …. here the question says that – by a partner
    please solve my problem
    thanks sir

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