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

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 )

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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

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