
Question 11 Chapter 7 of +2-Part-1
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
- 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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
