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

Journal
Date  Particulars
L.F.DebitCredit
a)Bank A/cDr. 1,300 
 To Realisation A/c   1,300
 (Being unrecorded assets realized)    
      
b)Creditors A/cDr. 30,000 
 To Realisation A/c   30,000
 (Being creditors transferred )    
      
c)Realisation A/cDr. 22,500 
 To cash A/c   22,500
 (Being creditors paid at 10 % less)    
      
d)Realisation A/cDr. 1,200 
 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

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 12 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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