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

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 Content covered in this article:

The solution of Question 11 Chapter 7 of +2 Part-1: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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 )