Question 10 Chapter 7 of +2-Part-1
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
We are providing a solution of Question 10 Chapter 7 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 6 to 10 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 10 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 10 Chapter 7 of +2 Part-1: –
|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 )|
|To Cash A/c||1,000|
|(Being creditor’s A/c settlement by cash payment)|
|To Cash A/c||12,000|
|(Being dissolution expense paid)|
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement