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

Question 12 Chapter 7 of +2-Part-1

12 (Journal Entries) What journal entries will be passed for the following transactions on the dissolution of the firm.
1. An unrecorded asset realized Rs. 1,300.
2. Total creditors of the firm were Rs. 30,000 outs of this creditors waived their claim Rs. 5,000 while the rest agreed to allow discount @ 10% on their respective claim
3. Z was entrusted with the job of dissolution at a cost of Rs. 1,200, while actual amount was Rs. 1,600.

The Content covered in this article:

The solution of Question 12 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 12 Chapter 7 of +2 Part-1: –

Journal
Date	Particulars		L.F.	Debit	Credit
a)	Bank A/c	Dr.		1,300
	To Realisation A/c				1,300
	(Being unrecorded assets realized)

b)	Creditors A/c	Dr.		30,000
	To Realisation A/c				30,000
	(Being creditors transferred )

c)	Realisation A/c	Dr.		22,500
	To cash A/c				22,500
	(Being creditors paid at 10 % less)

d)	Realisation A/c	Dr.		1,200
	To Z’s capital A/c				1,200
	(Being realisation expenses payable to Z)