Advertisement
VDO+ Tag:Question 8 Chapter 7 of Class 12 Part – 1 2024
8. (Journal Entries) What journal entries would you pass for the following transactions on the dissolution of a firm after the various assets (other than cash) and outside liabilities have been transferred to realisation account ?
(a) Bank loan Rs.12,000 is paid.
(b) Stock worth Rs.6,000 is taken by partner B.
(c) Partner A agrees to pay a creditor Rs. 3,000 due to him.
(d) An asset not appearing in the books of accounts realised Rs.700.
(e) Profit on realisation Rs. 18,000 is to be distributed between A and B in the ratio of 5:4.
Advertisement
Video Tag:The solution of Question 8 Chapter 7 of Class 12 Part – 1 2024: –
We are providing a solution of Question 8 Chapter 7 of Class 12 Part – 1 2024 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 6 to 10 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 8 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. | 12,000 | ||
| To cash A/c | 12,000 | ||||
| (Being repayment of bank loan) | |||||
| b) | B’s capital A/c | Dr. | 6,000 | ||
| To realisation A/c | 6,000 | ||||
| (Being stock taken over by B ) | |||||
| c) | Realisation A/c | Dr. | 3,000 | ||
| To A’s capital A/c | 3,000 | ||||
| (Being firm’s liabilities assumed by A) | |||||
| d) | Cash A/c | Dr. | 700 | ||
| To realisation A/c | 700 | ||||
| (Being amount realized from the sale of unrecorded asset) | |||||
| e) | Realisation A/c | Dr. | 18,000 | ||
| To A’s capital A/c | 10,000 | ||||
| To B’s capital A/c | 8,000 | ||||
| (Being profit on realisation credited to partners in the ratio 5:4) | |||||
Thanks, Please Like and share with your friends
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Ch 7 – Partnership Accounts – VI (Dissolution of Partnership Firm) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
Download a PDF of Ch 7 – Partnership Accounts – VI (Dissolution of Partnership Firm):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
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