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VDO+ Tag:Question 3 Chapter 7 of Class 12 Part – 1 2024
3. (Realisation Entries) Pass the necessary Journal Entries for the following transactions c the dissolution of the firm of James and Haider who were sharing profit and losses in th ratio of 2 1. The various assets (other than cash) and outside liabilities have bee transferred to realization account:
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Video Tag:- James agreed to pay off his brother’s loan Rs. 10,000.
- Debtors realized Rs. 12,000.
- Haider took over all investments at Rs. 12,000.
- Sundry creditors Rs. 20,000 were paid at 5% discount.
- Realisation expenses amounted to Rs. 2,000.
- Loss on realization was Rs. 10,200.
The solution of Question 3 Chapter 7 of Class 12 Part – 1 2024: –
We are providing a solution of v 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 1 to 5 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 3 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Realisation A/c | Dr. | 10,000 | ||
| To James capital A/c | 10,000 | ||||
| (Being James agrees to pay off ) | |||||
| b) | Cash A/c | Dr. | 12,000 | ||
| To Realisation A/c | 12,000 | ||||
| (Being cash realized from debtors on dissolution of partnership ) | |||||
| c) | Haider’s capital A/c | Dr. | 12,000 | ||
| To Realisation A/c | 12,000 | ||||
| (Being investments taken over by Haider on dissolution ) | |||||
| d) | Realisation A/c | Dr. | 19,000 | ||
| To Cash A/c | 19,000 | ||||
| (Being creditors paid off at 5 % discount on dissolution ) | |||||
| e) | Realisation A/c | Dr. | 2,000 | ||
| To Cash A/c | 2,000 | ||||
| (Being realisation expense paid off ) | |||||
| f) | James’s capital A/c | Dr. | 6,800 | ||
| Haider’s capital A/c | Dr. | 3,400 | |||
| To Realisation A/c | 10,200 | ||||
| (Being loss on distributed among partners ) | |||||
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End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication