|
|
|
|
|
Question 13:
Pass necessary Journal entries to record the following
unrecorded assets and liabilities in the books of Paras
and Priya:
(a) There was an old furniture in the firm which had been written off
completely in the books. This was sold for ₹ 3,000.
(b) Ashish, an old customer whose account for ₹
1,000 was written off as bad in the previous year, paid 60%, of the amount.
(c) Paras agreed to takeover the firm's goodwill (not recorded in the books of
the firm), at a valuation of ₹ 30,000.
(d) There was an old typewriter which had been written off completely from the
books. It was estimated to realise ₹ 400.
It was taken by Priya at an estimated price less
25%.
(e) There were 100 shares of ₹ 10 each in Star Limited acquired at a
cost of ₹ 2,000 which had been written-off completely from the
books. These shares are valued @ ₹ 6 each and divided among the
partners in their profit-sharing ratio.
Answer:
|
Journal |
|
|||||
|
|
Particulars |
L.F. |
(
(₹) |
(₹) |
||
|
(a) |
Cash/Bank
A/c |
Dr. |
|
3,000 |
|
|
|
|
To Realisation A/c |
|
|
|
3,000 |
|
|
|
(Being Old and unrecorded furniture sold) |
|
|
|
||
|
|
|
|
|
|
||
|
(b) |
Cash/Bank
A/c |
Dr. |
|
600 |
|
|
|
|
To Realisation A/c |
|
|
|
600 |
|
|
|
(Being Bad debts previously written off
now recovered) |
|
|
|
||
|
|
|
|
|
|
||
|
(c) |
Paras’s Capital A/c |
Dr. |
|
30,000 |
|
|
|
|
To Realisation A/c |
|
|
|
30,000 |
|
|
|
(Being Unrecorded goodwill taken over by Paras) |
|
|
|
||
|
|
|
|
|
|
||
|
(d) |
Priya’s Capital A/c |
Dr. |
|
300 |
|
|
|
|
To Realisation A/c |
|
|
|
300 |
|
|
|
(Being Unrecorded Typewriter taken over
by Priya at25% less price) |
|
|
|
||
|
|
|
|
|
|
||
|
(e) |
Paras’s Capital A/c |
Dr. |
|
300 |
|
|
|
|
Priya’s Capital A/c |
Dr. |
|
300 |
|
|
|
|
To Realisation A/c |
|
|
|
600 |
|
|
|
(Being 100 unrecorded shares of ₹
10 each in the books taken @ ₹ 6 each by Paras
and Priya and divided between them in profit
sharing ratio) |
|
|
|
||
Question 14:
Aman and Harsh were partners in a firm. They decided to
dissolve their firm. Pass necessary Journal entries for the following after
various assets (other than Cash and Bank) and third party liabilities have been
transferred to Realisation Account:
(a) There was furniture worth ₹ 50,000. Aman
took over 50% of the furniture at 10% discount and the remaining furniture was
sold at 30% profit on book value.
(b) Profit and Loss Account was showing a credit balance of ₹ 15,000
on the date of dissolution.
(c) Harsh's loan of ₹ 6,000 was discharged
at ₹ 6,200.
(d) The firm paid realisation expenses amounting
to ₹ 5,000 on behalf of Harsh who had to bear these expenses.
(e) There was a bill for 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend
of 25% was received from his estate.
(f) Creditors to
whom the firm owed ₹ 6,000, accepted stock of ₹ 5,000 at
a discount of 5% and the balance in cash.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
|
|
|
|
|
|
|
a. |
Aman’s Capital A/c |
Dr. |
|
22,500 |
|
|
|
Bank A/c |
Dr. |
|
32,500 |
|
|
|
To Realisation A/c |
|
|
|
55,000 |
|
|
(Being Assets realized) |
|
|
|
|
|
|
|
|
|
|
|
|
b. |
Profit & Loss A/c |
Dr. |
|
15,000 |
|
|
|
To Aman’s
Capital A/c |
|
|
|
7,500 |
|
|
To Harsh’s
Capital A/c |
|
|
|
7,500 |
|
|
(Being Profit distributed) |
|
|
|
|
|
|
|
|
|
|
|
|
c. |
Harsh’s Loan A/c |
Dr. |
|
6,000 |
|
|
|
Realisation A/c |
Dr. |
|
200 |
|
|
|
To Bank A/c |
|
|
|
6,200 |
|
|
(Being Loan Discharged) |
|
|
|
|
|
|
|
Dr. |
|
5,000 |
|
|
d. |
Harsh’s Capital A/c |
|
|
|
5,000 |
|
|
To Bank A/c |
|
|
|
|
|
|
(Being Expenses paid on behalf of
partner) |
|
|
|
|
|
|
|
|
|
|
|
|
e. |
Bank A/c |
Dr. |
|
300 |
|
|
|
To Realisation
A/c |
|
|
|
300 |
|
|
(Being Amount received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realisation A/c |
Dr. |
|
1,200 |
|
|
|
To Bank A/c |
|
|
|
1,200 |
|
|
(Being Amount paid) |
|
|
|
|
|
|
|
|
|
|
|
|
f. |
Realisation A/c |
Dr. |
|
1,250 |
|
|
|
To Bank A/c |
|
|
|
1,250 |
|
|
(Being Creditors paid) |
|
|
|
|
|
|
|
|
|
|
|
|
g. |
Aman’s Capital A/c |
Dr. |
|
4,000 |
|
|
|
Harsh’s Capital A/c |
Dr. |
|
4,000 |
|
|
|
To Realisation A/c |
|
|
|
8,000 |
|
|
(Being Loss on dissolution
transferred to Partners Capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
Question 15:
Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve
their firm. Pass necessary Journal entries for the following after various
assets (other than Cash and Bank) and the third party liability have been transferred
to Realisation Account:
(a) Kunal agreed to pay off his wife's loan of ₹
6,000.
(b) Total Creditors of
the firm were ₹ 40,000. Creditors worth ₹ 10,000 were given a
piece of furniture costing ₹ 8,000 in full and final settlement.
Remaining Creditors
allowed a discount of 10%.
(c) Rohit had given a loan of ₹ 70,000 to
the firm which was duly paid.
(d) A machine which was not recorded in the books was taken over by Kunal at ₹ 3,000, whereas its expected value
was ₹ 5,000.
(e) The firm had a debit balance of ₹ 15,000 in the Profit and Loss
Account on the date of dissolution.
(f) Sarthak paid the realisation
expenses of ₹ 16,000 out of his private funds, who was to get a
remuneration of ₹ 15,000 for completing dissolution process and was
responsible to bear all the realisation expenses.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ₹ |
Credit ₹ |
|
|
(a) |
Realisation A/c |
Dr. |
|
6,000 |
|
|
|
To Kunal’s Capital A/c |
|
|
|
6,000 |
|
|
(Being
Kunal agrees to pay off his wife’s loan) |
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Realisation A/c |
Dr. |
|
27,000 |
|
|
|
To Cash A/c |
|
|
|
27,000 |
|
|
(Being
Creditors worth₹
30,000 paid |
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Rohit’s Loan A/c |
Dr. |
|
70,000 |
|
|
|
To Cash A/c |
|
|
|
70,000 |
|
|
(Being Loan paid by
the firm) |
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
Kunal’s Capital A/c |
Dr. |
|
3,000 |
|
|
|
To Realisation A/c |
|
|
|
3,000 |
|
|
(Being asset taken
over by Kunal) |
|
|
|
|
|
|
|
|
|
|
|
|
(e) |
Rohit’s Capital A/c |
Dr. |
|
5,000 |
|
|
|
Kunal’s Capital A/c |
Dr. |
|
5,000 |
|
|
|
Sarthak’s Capital A/c |
Dr. |
|
5,000 |
|
|
|
To Profit and Loss
A/c |
|
|
|
15,000 |
|
|
(Being Loss
distributed equally) |
|
|
|
|
|
|
|
|
|
|
|
|
(f) |
Realisation A/c |
Dr. |
|
15,000 |
|
|
|
To Sarthak’s Capital A/c |
|
|
|
15,000 |
|
|
(Being
remuneration of ₹ 15,000 paid for completion of dissolution process) |
|
|
|
|
Question
16:
Pass necessary Journal entries for the following transactions on the
dissolution of a firm after various assets. (other
than cash) and outside liabilities have been transferred to Realisation
Account:
(i) Realisation
expenses of the firm amounting to 2,600 were paid by partner, Aman.
(ii) A creditor of 4,500 took over stock valued at5,200 in full settlement.
(iii) An unrecorded asset realised
3,500.
(iv) Remaining
creditors amounting to 20,000 were paid at a discount of 5%.
(v) Remaining stock of 30,000 was taken over by Bimal, a partner, at a discount of 20%.
(vi) Investment
whose face value was 10,000 was realised at 40%.
(CBSE 2023)
Answer:
|
|
Journal |
||||||||||
|
S.N. |
Particulars |
L.F. |
Debits ₹ |
Credit ₹ |
|||||||
|
(i) |
Realisation A/c |
Dr. |
|
2,600 |
|
||||||
|
To Aman's Capital A/c |
|
2,600 |
|||||||||
|
|
|
|
|
||||||||
|
(ii) |
No Entry |
|
|
- |
- |
||||||
|
(iii) |
Cash/Bank A/c |
Dr. |
|
3,500 |
|
||||||
|
To Realisation A/c |
|
|
3,500 |
||||||||
|
|
|
|
|
||||||||
|
(iv) |
Realisation A/c |
Dr. |
|
19,000 |
|
||||||
|
To Cash/Bank
A/c |
|
|
19,000 |
||||||||
|
|
|
|
|
||||||||
|
(v) |
Binmal's Capital A/c |
Dr. |
|
24,000 |
|
|
||||||
|
To Realisation A/c |
|
|
24,000 |
|
||||||||
|
|
|
|
|
|
||||||||
|
(vi) |
Cash/Bank A/c |
Dr. |
|
4,000 |
|
|
||||||
|
To Realisation A/c |
|
|
4,000 |
|
||||||||
|
|
|
|
|
|
||||||||
Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – I