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

Question 12 Chapter 7 of +2- Part
Q-12 - CH-7 - Usha +2 Book 2018 - Solution

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Question 12 Chapter 7 of +2-Part-1

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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: –

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)    
     

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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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