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

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

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

Free Accounting book Solution - Class 11 and Class 12

9. Pass necessary Journal entries for the following transactions:

  1. 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.
  2. Trade creditors are to be paid ₹ 16000in full settlement of their account of ₹ 17000.
  3. 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.
  4. 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%.
  5. 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. )        

For more Explanation please check out the following link: –

Read out the full article

Dissolution of a Partnership Firm – its Methods

Also, Check out the same article in Hindi from the following link

Dissolution of a Partnership Firm – its Methods – in Hindi

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Accountancy – Unimax Class 12 Part 2 – 2021 – Solution.

  • Chapter No. 1 – Share Capital 
  • Chapter No. 2 – Debentures 
  • Chapter No. 3 – Financial Statements of A Company (Balance Sheet Only)
  • Chapter No. 4 –  Analysis of Financial Statements 
  • Chapter No. 5 – Ratio Analysis
  • Chapter No. 6 –  Cash Flow Statement

Check out Other Publishers’ Book’s Solution: 

Class +2 – Accounting Books solutions for free

Usha Publication – Accountancy PSEB – Class 12 – Part -1 – Solution

Usha Publication – Accountancy PSEB – Class 12 – Part II – Solution

T.S. Grewal’s Book Keeping +2 Part – A Vol. I – Solution

T.S. Grewal’s Book Keeping +2 Part – A Vol. II – Solution

T.S. Grewal’s Book Keeping +2 Part – B – Solution

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