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Question 10 Chapter 7 – Class 12 Part 1 Unimax

Question 10 Chapter 7 – Class 12 Part 1 Unimax

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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 payment to the partners.

The solution of Question 10 Chapter 7 – Unimax Class 12 Part 1: –

Journal Entries

Particulars L.F.DebitCredit
A’s Capital A/cDr. 15,000 
B’s Capital A/cDr. 15,000 
To Realisation A/c   30,000
(Being loss on dissolution transferred to capital A/cs)    
     
A’s capital a/cDr. 5,000 
B’s capital a/cDr. 15,000 
To Cash a/c   20,000
(Being transfer of the debit balance of p/l to partners capital a/cs. )    

 

 

A

B

Capitals

20,000

30,000

(-) Loss

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15,000

15,000

Final Payment

5,000

15,000

End of Solution


Check Out the Solution of all questions for this chapter:

The solution to all questions of Chapter No. 7 – Partnership Accounts-VI  (Dissolution of Partnership Firm) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

Question 04 Chapter 7 – Class 12 Part 1 Unimax

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Question 17 Chapter 7 – Class 12 Part 1 Unimax

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Question 29 Chapter 7 – Class 12 Part 1 Unimax

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Question 41 Chapter 7 – Class 12 Part 1 Unimax

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Check out all books for PSEB

1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.

Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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