Question 10 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 10 Chapter 7 of +2- Part

Question 10 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

10. (Realisation Entries) Pass journal entries :
(a) On dissolution a machine of Rs. 8,000 was found unrecorded it in realised at Rs. 7,000. Expenses Rs. 200 incurred on its realisation.
(b) Investment in shares was written off three years ago. It was found to be worth Rs. 5,000 on dissolution. Partner X took over the shares.
(c) Unrecorded assets of Rs. 3,000 was given to a creditor of Rs. 4,000 whose claim was omitted from books. The balance to the creditor was settled in cash.
(d) As per court order a liability of Rs. 12,000 is paid to employee as compensation

The solution of Question 10 Chapter 7 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
a) cash A/c Dr.   6,800  
  To Realisation A/c       6,800
  (Being unrecorded machine realised at ₹ 7,000 and expenses paid ₹ 200)        
           
b) X’s capital A/c Dr.   5,000  
  To Realisation A/c       5,000
  (Being unrecorded investments taken over by X )        
           
c) Realisation A/c Dr.   1,000  
  To Cash A/c       1,000
  (Being creditor’s A/c settlement by cash payment)        
           
d) Realisation A/c Dr.   12,000  
  To Cash A/c       12,000
  (Being dissolution expense paid)        
         

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 10 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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