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Question 28 Chapter 6 of +2-Part-1
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Table of Contents
28. (Surrender Value of JLP given) X, Y and Z are partners in a firm. Surrender value Rs. 72,000 appears in the balance sheet. It was decided on Y’s retirement to close this account. Pass required entry.
The solution of Question 28 Chapter 6 of +2 Part-1: –
Journal | |||||
Date | Particulars | L.F. | Debit | Credit | |
X’s capital A/c | Dr. | 36,000 | |||
z’s capital A/c | Dr. | 36,000 | |||
To joint life policy A/c | 72,000 | ||||
(Being joint life policy A/c written off) | |||||
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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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