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

Date  Particulars
a)Bank A/cDr. 1,00,000 
 To Realisation A/c   1,00,000
 (Being assets realized at the time dissolution)    
b)Realisation A/cDr. 26,000 
 To Bank A/c   26,000
 (Being the payments to creditors at the time dissolution)    
c)Realisation A/cDr. 25,000 
 To A’s capital A/c   25,000
 (Being repayment of loan to a partner )    
d)Realisation A/cDr. 1,000 
 To Cash A/c   1,000
 (Being dissolution expense paid)    
e)Cash A/cDr. 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

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