Question 1

Question 01 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 01 Chapter 7 - Class 12 Part 1 Unimax

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

loan of ₹ 10000 advanced by a partner to the firm was refunded.

X a partner takes over an unrecorded asset (typewriter) at ₹300.

Undistributed balance (debit) of P/L a/c is ₹ 30000. The firm has three partners X, Y and Z.

The assets of the firm realized ₹ 125000.

Y who undertakes to carry out the dissolution proceedings is given credi

Question 2

Question 02 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 02 Chapter 7 - Class 12 Part 1 Unimax
2. Pass necessary Journal entries for the following transactions, at the time of dissolution of the firm :(i) Realisation Expenses 3,000 were paid by the firm by cheque.(ii) Realisation Expenses amounted to 2,000. Mr. X, one of the partners, has to bear these expenses.(iii) Y, one of the partners, look over a machine for 20,000.(iv) Z, one of the partners, agreed to take over the creditors of 30,000 for Z 20,000.(v) A, one of the partners, has give

Question 3

Question 03 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 03 Chapter 7 - Class 12 Part 1 Unimax

3. Pass the necessary Journal entries for the following transactions:

Unrecorded assets of ₹ 12000 were sold for ₹ 16000.

A creditor to whom ₹ 9000 was payable agreed to accept office equipment of ₹7000 in full settlement.

A car that was completely written off from the books was taken over by partner A for ₹ 25000.

The realisation profit of ₹7000 is to be distributed between A and B in the ratio of 4:3.

Creditors already transfer

Question 4

Question 04 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 04 Chapter 7 - Class 12 Part 1 Unimax

4. Pass the journal entries for the firm of partners X and Y.

Dissolution exp. Amounted to ₹ 6000

An unrecorded asset realized ₹ 22000

Stock worth ₹ 22000 already transferred to realisation a/c was taken over by partner X.

Credit already transferred to realisation a/c were paid ₹ 32000.

Profit on the realisation of 40000 is to be distributed between partners X and Y in the ratio of 3:1.

Y is to bear realisation exp

Question 5

Question 05 Chapter 7 – Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 05 Chapter 7 - Unimax Class 12 Part 1 - 2021
5. L and M were partners in a firm sharing profits in the ratio of 4 : 3. The firm was dissolved on 28.2.2022. Pass the necessary journal entries for the following transactions:(i) Debtors of 20,000 were taken over by L for 18,000.(ii) Creditors of 15,000 were paid at a discount of 5%.(iii) Expenses of dissolution 1,000 were paid by M.(iv) Loss on Realisation was 7,000.
The solution of Question 05 Chapter 7 - Unimax Class 12 Part 1: -
Journa

Question 6

Question 06 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 06 Chapter 7 - Class 12 Part 1 Unimax

6. Pass necessary Journal entries for the following:

Dissolution exp.₹ 2500 were paid by the X.

An unrecorded asset realized ₹6000.

Stock already transferred to realisation a/cwas taken over by Y at an agreed value of ₹3500.

The firm had a joint life policy which was not shown in the books. The surrender value of the policy on the date of Dissolution was ₹ 28000 and the policy was surrendered.

Loss on Dissolution ₹15000 was distr

Question 7

Question 07 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 07 Chapter 7 - Class 12 Part 1 Unimax

7. Pass necessary Journal entries for the following transactions at the time of dissolution of the firm:

Undistributed balance (Cr.) Of P/L a/c is ₹ 80000. The firm has two equal partners Pand Q.

The assets of the firm realized ₹ 200000.

Creditors were paid ₹ 77000 in full settlement of their account of ₹ 80000.

The solution of Question 07 Chapter 7 - Class 12 Part 1 Unimax: -

Journal Entries

End of Solution

Question 8

Question 08 Chapter 7 – Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 08 Chapter 7 - Unimax Class 12 Part 1 - 2021
8. Pass the necessary Journal entries:

A was to bear all the realisation expenses for which he was given a commission of 2% of net cash realized from dissolution. Cash realized from assets was ₹ 100000 and cash paid for liabilities amounted to ₹ 30000.
X and Y were two partners sharing profits and losses in 2:1. At the time of dissolution of the firm, deferred revenue advertising expenditure appeared at ₹ 150000 in the books.
A has given lo

Question 9

Question 10 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 10 Chapter 7 - Class 12 Part 1 Unimax
10. A and B were partners in a firm sharing profits and losses equally. Their firm was dissolved on 15th March 2022, which resulted in loss of 30,000. On that date the capital account of A showed a credit balance of 20,000 and that of B a credit balance of 30,000. The cash account had a balance of 20,000. You are required to pass the necessary journal entries for (i) transfer of loss to the capital accounts of the partner, and (ii) making final pay

Question 10

Question 09 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 09 Chapter 7 - Class 12 Part 1 Unimax

9. Pass necessary Journal entries for the following transactions:

Realisation exp. We’re to be fully borne by A for which he is to get a credit od ₹ 1000. Actual exp. Paid out of firms bank a/c amounted to ₹ 1200.

Trade creditors are to be paid ₹ 16000in full settlement of their account of ₹ 17000.

Trade creditors and bills payable amounting to ₹ 40000 and ₹ 18000 respectively were due on an average basis after one month, but they were

Question 11

Question 11 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 11 Chapter 7 - Class 12 Part 1 Unimax

11. The balance sheet of a firm on 31st March 2021 was as under:

LiabilitiesAmountAssetsAmountCapitalLand and building8,00,000A5,00,000Investment2,00,000B4,00,000S. Debtors1,00,000C3,00,00012,00,000Stock1,50,000S. Creditors2,00,000Cash at Bank3,00,000Gen. Reserve1,50,0005,50,0005,50,000

The partnership was dissolved on the above date. A took over the investment at the agreed value of ₹190000.

Cash realised was Land and building ₹ 90000

Question 12

Question 12 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 12 Chapter 7 - Class 12 Part 1 Unimax

12. X, Y and Z were partners sharing profits and losses in the ratio of 2:2:1. On January 1st 2021 their balance sheet was as follows:

LiabilitiesAmountAssetsAmountCapitalCash at Bank24400X30,000Debtors16000Y24,000(-) Prov.40015600Z12,000Stock12000Reserve10,000Furniture4000Creditors24,000Building440001,00,000100000

The creditors were settled for ₹ 22000. It was found however that there was a liability of ₹ 6000 for damages that had to be p

Question 13

Question 13 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 13 Chapter 7 - Class 12 Part 1 Unimax

13. Naresh and Munish are equal partners running general stores including some fancy goods. On March 31st 2021, they decided to dissolve the firm. Their financial position on that day is given below:

LiabilitiesAmountAssetsAmountAccounts payable1,800Bank2,000CapitalsAccount receivable3,800Naresh12,000Stock10,000Munish8,00020,000Furniture2,000Lease4,00021,80021800

Various assets realised as under:

Lease ₹6000; Furniture ₹2200; Stock ₹920

Question 14

Question 14 Chapter 7 - Class 12 Part 1  Unimax

Sarbjit Singh · Accepted Answer

Question 14 Chapter 7 - Class 12 Part 1 Unimax

14. P, Q and R were partners in the firm sharing profits and losses in the ratio of 5:3:2. They agreed to dissolve their partnership firm on 31st March 2021. P was deputed to realise the assets and pay the liabilities. He was paid ₹ 1000 as commission for his services. The financial position of the firm was as follows:

LiabilitiesAmountAssetsAmountCreditors10,000Plant and machinery30000Bills payable3,700Stock5500Investment fluctuation fund4,5

Question 15

Question 15 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 15 Chapter 7 - Class 12 Part 1 Unimax

15. J, S and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31st December 2021 was as follows:

LiabilitiesAmountAssetsAmountCapital a/cs  Building 10,000J 12,000Plant 22,000S 8,600Stock 6,000R 10,400Joint life policy 6,200Reserve fund 3,000Debtors 5,000Employee’s Provident fund 3,000Accrued interest 1,000Depp. Reserve 5,000

Question 16

Question 16 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 16 Chapter 7 - Class 12 Part 1 Unimax

16. The balance sheet of P, Q and R as on March 31st 2021 who were sharing in the ratio of 5:3:1 was as follows:

LiabilitiesAmountAssetsAmountNotes payable 40,000Building 40,000Loan from bank 30,000Plant and machinery 40,000Reserve fund 9,000Stock 19,000Capital  S. Debtors42,000 P 44,000(-)prov.2,00040,000Q 36,000Cash at bank 40,000R 20,000      &nb

Question 17

Question 17 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 17 Chapter 7 - Class 12 Part 1 Unimax

17. Read the following information:

LiabilitiesAmountAssetsAmountAccounts payable 25,200Land and building 11,750Investment fluctuation fund 5,000Cash at Bank 3,250General reserve 6,000Stock 8,000Capital  Accounts receivable 31,300X15,000 Investment 10,050Y10,000 Office equipment 1,850Z5,00030,000           66,200

Question 18

Question 18 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 18 Chapter 7 - Class 12 Part 1 Unimax
18. E, F and G sharing profits equally dissolved their firm on 30th June 2022, on which date their Balance Sheet was as follows

Liabilities
Amount
Assets
Amount

Sundry Creditors
 
33,000
Bank
 
9,000

Reserves for contingency
 
15,000
Debtors
 
60,000

Profit & Loss A/c
 
9,000
Stock
 
80,000

E’s Wife Loan
 
12,000
Furniture
 
25,000

Bank Loan at 12%
 
20,000
Plant
 
50,000

Capital Accounts:
 
 
Current Account: C
 
20,000

E
 
80

Question 19

Question 19 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 19 Chapter 7 - Class 12 Part 1 Unimax
19. Following was the Balance Sheet of D, G and T on 28.2.2022

Liabilities
Amount
Assets
Amount

Sundry Creditors
 
50,000
Bank
 
20,000

Bills Payable
 
10,000
Debtors
 
30,000

G's Loan
 
10,000
Stock
 
20,000

Mortgage Loan
 
12,000
Furniture
 
15,000

General Reserve
 
18,000
Land and Building
 
2,45,000

Capital Accounts:
 
 
G's Capital
 
20,000

D
1,00,000

T
1,50,000
2,50,000

3,50,0

Question 20

Question 20 Chapter 7 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 20 Chapter 7 - Class 12 Part 1 Unimax
20. Mrs. Ritu Chaudhary and Miss Shobha were partners in a firm, 'Fancy Garments Exports' sharing profits and losses equally. On 1st January, 2022, the Balance Sheet of the firm was as follows:

Liabilities
Amount
Assets
Amount

Sundry Creditors
 
75,000
Cash
 
6,000

Bills Payable
 
30,000
Bank
 
30,000

Mr. Chaudhary's loan
 
15,000
Stock
 
75,000

Reserve fund
 
24,000
Book debts
66,000

Mrs. Ritu Chaudhary's capital
 
90,000
Less: Prov

Unimax Accountancy Class 12 Part 1 - 2023 Solutions Chapter 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)

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Topics & Questions Solved:

Question 01 Chapter 7 - Class 12 Part 1 Unimax

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

Question 02 Chapter 7 - Class 12 Part 1 Unimax

Question 03 Chapter 7 - Class 12 Part 1 Unimax

Question 04 Chapter 7 - Class 12 Part 1 Unimax

Question 05 Chapter 7 – Class 12 Part 1 Unimax

Question 06 Chapter 7 - Class 12 Part 1 Unimax

Question 07 Chapter 7 - Class 12 Part 1 Unimax

Question 08 Chapter 7 – Class 12 Part 1 Unimax

Question 10 Chapter 7 - Class 12 Part 1 Unimax

Question 09 Chapter 7 - Class 12 Part 1 Unimax

Question 11 Chapter 7 - Class 12 Part 1 Unimax

Question 12 Chapter 7 - Class 12 Part 1 Unimax

Question 13 Chapter 7 - Class 12 Part 1 Unimax

Question 14 Chapter 7 - Class 12 Part 1 Unimax

Question 15 Chapter 7 - Class 12 Part 1 Unimax

Question 16 Chapter 7 - Class 12 Part 1 Unimax

Question 17 Chapter 7 - Class 12 Part 1 Unimax

Question 18 Chapter 7 - Class 12 Part 1 Unimax

Question 19 Chapter 7 - Class 12 Part 1 Unimax

Question 20 Chapter 7 - Class 12 Part 1 Unimax

Question 21 Chapter 7 – Class 12 Part 1 Unimax

Question 22 Chapter 7 – Class 12 Part 1 Unimax

Question 23 Chapter 7 – Class 12 Part 1 Unimax

Question 24 Chapter 7 – Class 12 Part 1 Unimax

Question 25 Chapter 7 – Class 12 Part 1 Unimax

Question 26 Chapter 7 – Class 12 Part 1 Unimax

Question 27 Chapter 7 – Class 12 Part 1 Unimax

Question 28 Chapter 7 – Class 12 Part 1 Unimax

Question 29 Chapter 7 – Class 12 Part 1 Unimax

Question 30 Chapter 7 – Class 12 Part 1 Unimax

Question 31 Chapter 7 – Class 12 Part 1 Unimax

Question 32 Chapter 7 – Class 12 Part 1 Unimax

Question 33 Chapter 7 – Class 12 Part 1 Unimax

Question 34 Chapter 7 – Class 12 Part 1 Unimax

Question 35 Chapter 7 – Class 12 Part 1 Unimax

Question 36 Chapter 7 – Class 12 Part 1 Unimax

Question 37 Chapter 7 – Class 12 Part 1 Unimax

Question 38 Chapter 7 – Class 12 Part 1 Unimax

Question 39 Chapter 7 – Class 12 Part 1 Unimax

Question 40 Chapter 7 – Class 12 Part 1 Unimax

Question 41 Chapter 7 – Class 12 Part 1 Unimax

Question 42 Chapter 7 – Class 12 Part 1 Unimax

Question 43 Chapter 7 – Class 12 Part 1 Unimax

Question 44 Chapter 7 – Class 12 Part 1 Unimax

Question 45 Chapter 7 – Class 12 Part 1 Unimax

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