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.
We are providing a solution of Question 12 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. 12 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 12 Chapter 7 of +2 Part-1: –
|To Realisation A/c||1,300|
|(Being unrecorded assets realized)|
|To Realisation A/c||30,000|
|(Being creditors transferred)|
|To cash A/c||22,500|
|(Being creditors paid at 10% less)|
|To Z’s capital A/c||1,200|
|(Being realisation expenses payable to Z)|
Comment if you have any questions.
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