Unimax Class 12 Part 1 - 2021 Solutions Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Question 01 Chapter 7 - Unimax Class 12 Part 1 - 2021

1. Pass necessary Journal entries for the following transactions at the dissolution of the firm.

1. loan of ₹ 10000 advanced by a partner to the firm was refunded.
2. X a partner takes over an unrecorded asset (typewriter) at ₹300.
3. Undistributed balance (debit) of P/L a/c is ₹ 30000. The firm has three partners X, Y and Z.
4. The assets of the firm realized ₹ 125000.
5. Y who undertakes to carry out the dissolution proceedings is given credit of ₹ 2000 for the same.
6. Creditors were paid ₹ 28000 in full settlement of their claim of ₹ 30000.

The solution to Question 01 Chapter 7 - Unimax Class 12 Part 1: -

Journal Entries

Particulars		L.F.	Debit	Credit
Partners loan a/c	Dr.		10,000
To Bank a/c				10,000
(Being partners loan refunded)
X’s capital a/c	Dr.		300
To realisation a/c				300
(Being an unrecorded asset realized at rs.300)
X’s capital a/c	Dr.		10,000
Y‘s capital a/c	Dr.		10,000
Z’s capital a/c	Dr.		10,000
To P/L a/c				30,000
(Being undistributed balance of p/l a/c transferred to partners capital a/c)
Bank a/c	Dr.		1,25,000
To realisation a/c				1,25,000
(Being assets realized)
Realisation a/c	Dr.		2,000
To Y‘s capital a/c				2,000
(Being charges paid by Y for dissolution expenses.)
Realisation a/c	Dr.		28,000
To Bank a/c				28,000
(Being amount paid to creditors)

For more Explanation please check out the following link: –

Read out the full article

Dissolution of a Partnership Firm – its Methods

Also, Check out the same article in Hindi from the following link

Dissolution of a Partnership Firm – its Methods - in Hindi

Accountancy - Unimax Class 12 Part 1 – 2021 – Solution.

• Chapter No. 1 – Accounts of Non-Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
• Chapter No. 3 – Partnership Accounts – II (Goodwill)
• Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
• 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)

Accountancy - Unimax Class 12 Part 2 – 2021 – Solution.

• Chapter No. 1 - Share Capital 
• Chapter No. 2 - Debentures 
• Chapter No. 3 - Financial Statements of A Company (Balance Sheet Only)
• Chapter No. 4 -  Analysis of Financial Statements 
• Chapter No. 5 - Ratio Analysis
• Chapter No. 6 -  Cash Flow Statement

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