Question
1:
What Journal entry will be passed when the
unrecorded furniture of ₹20,000 is taken by X, a partner at ₹15,000
on the dissolution of the firm?
Answer:
|
In the books of
the firm Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit (₹) |
Credit (₹) |
|
On the |
X’s Capital A/c |
Dr. |
|
15,000 |
|
|
Date of |
To Realisation A/c |
|
|
|
15,000 |
|
Dissolution |
(Being unrecorded
furniture of ₹20,000 is taken by X, a partner at ₹15,000) |
|
|
|
|
Question 2:
Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who
charged 2% commission on the deal. Journalise the
transaction, at the time of dissolution of the firm.
Answer:
|
In the books of
the firm Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit (₹) |
Credit (₹) |
|
On the |
Cash/
Bank A/c (3,00,000 – 6,000) |
Dr. |
|
2,94,000 |
|
|
Date of |
To Realisation A/c (3,00,000 – 6,000) |
|
|
|
2,94,000 |
|
Dissolution |
(Being
amount realized from land and building after providing for 2% commission to
the broker) |
|
|
|
|
|
|
|
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|
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Question 3:
(a) What Journal entry will be passed when an unrecorded liability of ₹
15,000 is settled at ₹ 10,000 and paid by X, a partner on the dissolution
of a firm?
(b) What Journal entry will be passed when a machine
having a book value off ₹ 15,000 is given to Rakesh,
a creditor of ₹ 22,000 at an agreed valuation of ₹ 12,000 towards
partial payment of his dues?
Answer:
|
Date |
Particulars |
|
₹ (Dr.) |
₹ (Cr.) |
|
(a) |
Realisation
A/c |
Dr. |
10,000 |
|
|
|
To X's
Capital A/c |
|
|
10,000 |
|
|
|
|
|
|
|
(b) |
Realisation
A/c |
Dr. |
10,000 |
|
|
|
To
Cash/Bank A/c |
|
|
10,000 |
|
|
|
|
|
|
Question
4:
If a Loan from X, a parter,
of ₹22,000 exists in the liabilities side of the Balance Sheet of the
firm and X’s Capital Account has a debit balance of ₹2,000.
What Journal entry will you pass on payment of such
a loan?
Answer:
|
In the books of
the firm Journal |
|||||
|
Date |
Particulars |
|
L.F. |
Debit (₹) |
Credit (₹) |
|
On the |
Loan from X |
Dr. |
|
22,000 |
|
|
Date of |
To X’s
Capital A/c |
2,000 |
|||
|
Dissolution |
To Bank A/c |
|
|
|
20,000 |
|
(Being amount
from X 2,000 adjusted to Loan from X account and balance paid through bank) |
|
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Ts Grewal Solution 2025-2026
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Class 12 / Volume – I