(e) Nandan had taken taken a loan of Rs. 30,000. 2,000. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning. He is to receive 5% of the amounts realised from Debtors, Stock and Machinery, and is to bear all expenses of realisation. 3.) 2,600 to be assumed by Panna Lal at that figure. Sundry Debtors subject to a provision of 5%. 10,000 to the firm. Remaining assets realised Rs. Arun was appointed to realise the assets. Solution  3          A ‘Realisation Account’ is opened for disposing of all the assets of the firm and making payment to all the creditors. 45,670. The assets other than the amount owning by X to the firm realised Rs. Class 12 NCERT Accountancy Books are created by the best professors who are experts in Accountancy and have good knowledge in the subject. Give the necessary journal entries for the following transactions on dissolution of the firm of Aman and Rajat on 31st March, 2016, after the transfer of various assets (other than cash) and the third party liabilities to Realisation Account. 7,300. Assets realised Rs. 4,000 were paid by the firm. No entry is passed for the transfer of assets to the creditor. 2,000. The expenses of realisation were Rs. Replies. They agreed to dissolve the firm on June 30, 2018. 8,000 for outstanding wages. 9,000. (ii) Haider took over all investments at Rs. One click PDF Download The competition is held online on the website www.bricsmath.com and... CBSE pioneered in providing digital academic documents through its academic repository called “Parinam Manjusha” and DigiLocker. The dissolution resulted in a loss of Rs. 18,000. 3.) 17,000. 16,800 and in the course of dissolution a contingent liability of Rs. 35,100; Total of Bank A/c Rs. (v) Realisation expenses amounting to Rs. 800. A. 86,300; Total of Bank A/c Rs. Question 16. (vi) Debit Partner's Capital A/cs by Rs. First of all, outside debts of the firm will be paid. (c) Building was taken over by Rashi at Rs. Public applied for 45,000 shares and allotment was made to all the applicants. Question 36. You are required to prepare Realisation Account, Cash Account and Partners Capital Accounts in the books of the firm. (vi) An amount of Rs. Their position as at 31st March 2018 was as follows: A's Capital                                           60,000, B's Capital                                            40,000, Sundry Creditors                                 25,000, Cash at Bank                                          2,000. High Order... Access latest VBQ, Value Based Questions for Class 12 Accountancy as per CBSE and NCERT syllabus. DK Goel Accountancy Class 11 Solutions Chapter 6. Question 38. 3,00,000 was paid along with interest of Rs. Their capitals stood at Rs. They decide to dissolve the partnership firm. Dk Goel Class 11 Solutions PDF Format Kansas Cdthanhlinh Org. 3,00,000; Rs. After paying up their creditors, there remained a balance of Rs. 50,000 took over Land and Building in full settlement of their claim; (ii) Remaining creditors were paid in cash; (iii) Machinery was sold at a depreciation of 30%; (iv) Debtors were collected at a cost of Rs. 2,000. 10,000 was received from a customer Mr. Surender Kumar and the bill was discounted from the bank. 40,000. (ii) Workmen Compensation Reserve stood at Rs. Question 46. The expenses of realisation amounted to Rs. (B)          A, B and C sharing profits in the proportion of 3:2:1 agreed upon dissolutions of their partnership on 31st March, 2018 on which date their balance sheet was as under: The investments are taken over by A for Rs. On March 31, 2017, their firm was dissolved. Pass necessary journal entries for the above transactions in the books of the firm. 8,000. (viii) Partner A is to be paid remuneration of Rs. Prepare realisation and Cash account. Gopal Ltd. was registered with an authorised capital of ₹ 50,00,000 divided into Equity Shares of ₹ 100 each. 2,100. 2,10,500.]. 8,000 were paid by the partner, M. (iii) Dissolution expenses were Rs. 400. Problems Amp Solutions In Accountancy Class 12 Part A Cbse. (3)    Land and Building was sold for Rs. These solutions for Class 12 are outlined keeping in mind the current CBSE syllabus, hence possessing a The assets were realized and liabilities were Paid off. 2,500 which is not included in the above stated accounts receivable. 2,000 were paid by Susan on behalf of the firm. etc. (iii) Investments were realised at 95% of the book value. 900. How will you deal with the Realisation expenses at the time of dissolution of a firm? During the course of dissolution a liability under action for damages was settled at Rs. CBSE Class 12 Accountancy Double Entry Book Keeping 2020 solutions are outlined and solved by the experts at BYJU’S. 50,000 had to pay the amount due 3 months after the date dissolution. The profit sharing ratio of the partners are 3 : 2. The following was the Balance Sheet of X, Y and Z as at 28.2.2017 : The firm was dissolved on the above date on the following terms: (1)    Debtors realized Rs. 22,000 being Rs. They shared profit and loss in the ratio of 2:2:1. Prepare Realisation Account, Bank Account and Partners' Capital Accounts. Arun, Tarun and Varun shared profits in the ratio of 2:2:1. X, Y and Z decided to dissolve partnership. Answers Of Dk Goel Class 12 Accountancy PDF Download. (iv) Sundry creditors Rs. The assets realised were as follows: (i) Bills Receivable were realised at a discount of 5%. 500; (v) Expenses of realisation were Rs. Free Sample Papers with solutions for Class 12 Accountancy... Download past year Question Papers for Class 12 Accountancy as per CBSE NCERT KVS syllabus with solutions in pdf free. Question 45. 36,000 and this was taken over by P and Question  equally. Hint: Amount realised from Sundry Debtors : Rs. (ii) Jackson was to take over all the stock in trade at Rs. 25,000 and the balance was paid to him in Cash. He was allowed a discount of 5% for making payment immediately. Question 19. Gaurav, Saurabh and Vaibhav were partners in a firm sharing profits and losses in the ratio of 2:2:1. N agreed to bear the dissolution expenses. 6,000. Actual expenses amounted to Rs. Remaining creditors were paid at a discount of Rs. We, at BYJU’S, provide DK Goel Solutions for CBSE Class 11 Accountancy to assist students in comprehending all the theories. (2)    Furniture is taken over by Question  for Rs. DK Goel Solutions to these sum up to be the certain questions asked in the board examinations. Book dk goel accounts book class 12 solutions pdf Book Read / Download Online Download dk goel accounts book class 12 solutions pdf Getting the screenshots prepared is a good approach that might time savings. 5,000. (ii) Realisation expenses paid by the firm Rs. All other liabilities were paid off at their book value. Prepare Journal entries and Ledger accounts. Jain, Sharma and Verma were partners in a firm sharing profits in the ratio of 1: 2: 1. Hema and Garima were partners in a firm sharing profits in the rain 3:2. (vi)Firm had to pay Rs.40,000 asw Workmen Compensation. Mrs. Wolf accepted Rs. Commission received in advance was returned to the customers after deducting Rs. He also agrees to discharge the Bank Loan. A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. You are given the following information about dissolution: (a) Office Equipment was accepted by a creditor for Rs. He also agreed to pay the Creditors. 20,000. (A)       Following is the Balance Sheet of Deepak and Jyoti, who were sharing profit and losses in the ratio 3:2, as at March 31, 2018: The firm was dissolved on that date and the following arrangements were made: (i) Assets realised as follows: Debtors Rs. A, B and C were in partnership sharing profits in the ratio of 2:1:1. 5,000 on that date. 15,000; Plant at 30% discount. 80,000 and Rs. Access free NCERT Solutions for class commerce Accountancy on LearnCBSE.in without any login. 20,000 as against Rs. 60,000 was incurred. 67,000. Disha, Mohit and Nandan are partners. Close the books of the firm by preparing Realisation Account, Partner's Capital Accounts, and Bank Account. 8,000 and X took over Bills Receivable at 20% discount. 700. (4) There was a Contingent liability in respect of bill discounted but not matured Rs. (v) Viru, a partner, was paid remuneration of Rs. 18,000 as his. (iii) The remaining creditors were paid Rs. Question 61. 900.]. 2,84,000 were paid to the creditors in full settlement of their claim of Rs. 5,000, being Rs. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2:2:1. 16 per share. On that date A's Capital was Rs. 15,000 which was distributed among the partners. Explain the accounting treatment at the time of dissolution of a partnership firm of the assets and liabilities not already recorded in the books of the firm. In is found that an investment not recorded in the books is wroth Rs. X, Y and Z are in partnership, sharing profits and losses equally. 20,000, Building – Rs. Class 12 Study Material 1,900 by A Rs. 4,000 which was settled at Rs. Question 4. This liability was not appearing in the above Balance Sheet. 5,000, B taking up furniture at Rs. 20,000 was handed over to an unrecorded liabilities of Rs. 32,000 and the amount owed by the firm to Y was Rs. Actual Expenses amounted to Rs. 18,000; Furniture Rs. (iv) An unrecorded asset of Rs. They shared profits and losses in the ratio of 2:1. 2,000 being insolvent. Loss on realisation can be easily calculated by preparing a realisation account: Question 42. 20,000. Question 17. 6,000, remaining Debtors were realised for 90% of the book value. Question 57. (iv) A bills receivable of Rs. COURSES OF STUDY FOR B COM HONOURS ACCOUNTING Amp TAXATION. (iii) Creditors were paid at 2% discount and Bank Loan was discharged along with interest due for six months @ 10% p.a. Solution  4        Amount realised from the sale of the assets of the firm shall be applied in the following manner and order: 1.) Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. 20,000 were paid at 5% discount. Question 24. (vii) Gauri, a partner, was allowed a remuneration of Rs. 40,000. 400. 17,500. Realisation of Building will be recorded at the net amount of Rs. B took a machine at the agreed valuation of Rs. 2,000 Sundry Creditors agreed to accept Rs. Chapter 9 Account Solutions Vol-2 – Chapter 3 – Download PDF; We hope that DK Goel Solutions Class 12 Accountancy helped with your studies. 7,000 in full settlement. Question 51. The intend of this article is to share the best ways to answer the CBSE Board Examination. 10,000 under discount. 5,000 were proved bad. On 31st March 2018, their Balance Sheet was as follows: It was decided to dissolve the firm, A agreeing to take over the business (except Cash at Bank) at the following valuations : Plant and Machinery at Rs. 3. 3,200 due for sales tax was received during the course of realisatie and this was also paid. 'Dk Goel Class 12 Solutions SharedPdf televizora doma net June 28th, 2018 - Dk Goel Class 12 Solutions PDF may not make venturesome reading but Dk Goel Class 12 Solutions is packed following critical instructions guidance and warnings Here is the access Download Page of Dk Goel Class 12 Solutions PDF' 1 / 6 At the above date, partners decide to dissolve the firm. Question 6. Bills payable were paid in full, while creditors were settled at 2% discount. (iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs. 5,000. 50,000, Goodwill – Rs. 1,000. 4,000. TEST YOUR UNDERSTANDING – I. 36,000, Debtors Rs. Pritam agreed to pay his wife's loan Naresh agreed to pay outstanding rent. 60,000 were due for Bank Loan and Reserve has been maintained for Rs. Class 11 Accountancy Solutions by DK Goel chapter-wise are available which are free for all users to download as a PDF or to view online. Actual dissolution expenses Rs. 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