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

Question 11 Chapter 7 of +2- Part
Q-11 - CH-7 - Usha +2 Book 2018 - Solution

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Question 11 Chapter 7 of +2-Part-1

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 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

We are providing a solution of Question 11 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 11 to 14 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 11 from the flowing video by using time stamps of the video.

Day 147 Solution of Questions 11 to 14 Dissolution of Partnership Firm Chapter 7 Accounts class 12

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2. Check out the Solution of this question in Article Format:-

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

Journal
Date  Particulars
L.F.DebitCredit
08-02-2018A’s capital A/cDr. 54,000 
 To Realisation A/c   54,000
 (Being Debtors of Rs. 60,000 were taken over at Rs.54,000)    
      
 Realisation A/cDr. 42,750 
 To cash A/c   42,750
 (Being Creditors Rs. 45,000 were paid off at discount of 5%)    
      
 Realisation A/cDr. 3,000 
 To B’s capital A/c   3,000
 (Being realisation expenses paid by B )    
      
 A’s capital A/cDr. 12,000 
 B’s capital A/cDr. 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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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