Question 09 Chapter 7 – Unimax Class 12 Part 1 – 2021
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: –
|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|
|To cash a/c||16,000|
|(Being cash paid to creditors in full settlement of their claims)|
|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.)|
|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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Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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