Question 09 Chapter 7 - Unimax Class 12 Part 1 - 2021

Question 09 Chapter 7 – Unimax Class 12 Part 1 – 2021

Table of Contents

9. Pass necessary Journal entries for the following transactions:

Realisation exp. We’re to be fully borne by A for which he is to get a credit od ₹ 1000. Actual exp. Paid out of firms bank a/c amounted to ₹ 1200.
Trade creditors are to be paid ₹ 16000in full settlement of their account of ₹ 17000.
Trade creditors and bills payable amounting to ₹ 40000 and ₹ 18000 respectively were due on an average basis after one month, but they were paid immediately at 6%discount p.a.
The firm had a joint life policy of ₹ 160000 on which the premium paid is treated as an ordinary business expense. The policy is surrendered on dissolution at @6%.
The firm had a debit balance of ₹ 45000 in the P/L a/c on the date of dissolution. Three equal partners of the firm are P, Q and R.

The solution of Question 09 Chapter 7 – Unimax Class 12 Part 1: –

Journal Entries

Particulars		L.F.	Debit	Credit
Real. A/c	Dr.		1,000
To A’s capital a/c				1,000
(Being the agreed amount Credited to A in lieu of realisation expenses)

A’s capital a/c	Dr.		1,200
To Bank a/c				1,200

Realisation a/c	Dr.		16,000
To cash a/c				16,000
(Being cash paid to creditors in full settlement of their claims)

Realisation a/c	Dr.		57,710
To cash a/c				57,710
(Being payment made to trade creditors and bills payable due on an average basis after one month at 6% discount p.a.)

Bank a/c	Dr.		96,000
To realisation a/c				96,000

P’s capital a/c	Dr.		15,000
Q’s capital a/c	Dr.		15,000
R’s capital a/c	Dr.		15,000
To p/l a/c				45,000
(Being transfer of the debit balance of p/l to partners capital a/cs. )

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Dissolution of a Partnership Firm – its Methods

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