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

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 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 )

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

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

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

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

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