Question 11 Chapter 7 of +2- 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 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 - 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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