Question 11 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 7 of +2- Part

Question 11 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

 11. (Realisation Entries) A and B were partners in a firm sharing profit in the ratio of 4:3 The firm was dissolved on 25-02-2018 Pass the Journal Entries for the following transactions:
(i) Debtors of Rs. 60,000 were taken over by A for Rs.54,000.
(ii) Creditors Rs. 45,000 were paid at a discount of 5%
(iii )Realisation expenses Rs. 3,000 were paid by Partner B.
(iv) Loss on Realisation was 21,000

The solution of Question 11 Chapter 7 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
08-02-2018 A’s capital A/c Dr.   54,000  
  To Realisation A/c       54,000
  (Being Debtors of Rs. 60,000 were taken over at Rs.54,000)        
           
  Realisation A/c Dr.   42,750  
  To cash A/c       42,750
  (Being Creditors Rs. 45,000 were paid off at discount of 5%)        
           
  Realisation A/c Dr.   3,000  
  To B’s capital A/c       3,000
  (Being realisation expenses paid by B )        
           
  A’s capital A/c Dr.   12,000  
  B’s capital A/c Dr.   9,000  
  To Realisation A/c       21,000
  (Being loss on realisation distributed )        
         

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 11 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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