2,000 whereas its expected value was Rs. 40,000. (v)                Mrs. Rita Chowdhary took over the goodwill of the firm at a valuation of Rs. Goel, Rajesh Goel, Shelly Goel Published by: Arya Publications ISBN: 978-81-7855-804-2. P and Q  were partners in a firm sharing profits and losses equally. As on now result data from 2004 till this year is available in the repository. 20,000. 3,50,000. Question 45. (ii) Workmen Compensation Reserve stood at Rs. Question 10. The expenses were paid by him. Question 26. Pass journal entries under following situations at the time of dissolution of firm: (i) Workmen Compensation Reserve stood at Rs.1,00,000 and there was no liability towards Workmen Compensation. (iii) Debit Haider's Capital A/c and Credit Realisation A/c by Rs. 5,500. P, Q , and R were partners in a firm sharing profits in the ratio of 1:2:2. It was taken away by Rajat at 25% less than the estimated price. 8,000 for outstanding wages. (i) Debit Realisation A/c and Credit X's Capital A/c. (i) The transfer of loss to the Capital accounts of the partners, and. (iii) Office Equipment was accepted by the creditor for Rs. (5)    Expenses of realisation amounted to Rs. A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. B took a machine at the agreed valuation of Rs. Question 1. 5,000. Mala Neela and Kala were partners sharing profits in the ratio of 3:2:1. 40,000 and Debtors Rs. 30,000. Write the circumstances under which a firm is dissolved.Solution 1 Below are the circumstances under which a firm is dissolved:-1.) 15,000. 2,000. You are required to complete these below given accounts by posting correct amounts. Question 30. 4,520. How to Get Rid of Distractions from Smartphones and Internet? 6,000. (iv) A bills receivable of Rs. 15,000; Plant at 30% discount. Their assets and liabilities on 1st October, 2018, the date on which they decided to wind up their affairs, were as follows: Office Fixtures Rs. 25,000 as compensation. The intend of this article is to share the best ways to answer the CBSE Board Examination. 2,000. Expenses of realisation amount to Rs. 40,000. On 1st April, 2018, the Balance Sheet of the firm was as follows: The firm was dissolved on the date given above. (5)    Compensation to workmen paid by the firm amounted to Rs. 14,000 who were paid Rs. On 31.3.2018 the Balance Sheet of the firm was as follows: The firm was dissolved on 1.4.2018 and the assets and liabilities were settled as follows: (i) Land and building was taken over by Raman at a depreciation of 10% for cash; (ii) Creditors of Rs. These were settled for Rs. (3)    Land and Building was sold for Rs. 12,000. Chapter 9 Account Solutions Vol-2 – Chapter 3 – Download PDF; We hope that DK Goel Solutions Class 12 Accountancy helped with your studies. 1,400 By C. On 31st March, 2018, they dissolved their firm, A taking up stock at an agreed valuation of Rs. (v) Profit and Loss Account showed a debit balance of Rs. 5,000. (iv) The firm had to pay Rs. (e) Nandan had taken taken a loan of Rs. 20,000. (c) Total creditors of the firm were Rs. 3,50,000 by paying cash. (iii) There was an unrecorded asset of Rs. CBSE Class 12 Accountancy Double Entry Book Keeping 2020 solutions are outlined and solved by the experts at BYJU’S. Expenses of realisation met by B amounted to Rs. Their Balance Sheet as at 31st March, 2017, is as under: The partners decided to dissolve their partnership on 31st March, 2017. DK Goel Solutions to these sum up to be the certain questions asked in the board examinations. Remaining creditors were paid at a discount of Rs. Hint. The DK Goel accountancy solutions are a great resource for commerce students. Remaining assets realised Rs. (ii) Adiraj's loan amounting to Rs. Actual dissolution expenses Rs. 1,20,000. Creditors on that day were Rs. Expenses on dissolution came to Rs. 17,000 and furniture was sold to K for Rs. 1,860. 52,000; Shares in D.C.M were sold for Rs. (v) Realisation expenses amounting to Rs. 10,000 were to be paid by him at this figure. 3,00,000. (b) A's Loan Account and B's Loan Account. The following is the Balance Sheet of A and B as at 31st March, 2018. For this service X is paid Rs. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. On discharging the Creditors on the date of dissolution, they allowed a discount of 5%. 20,000 and other assets proved valueless. On 31st March, 2018 their firm was dissolved. 38,500 in full settlement of her Loan Account. 4.) You are required to prepare the Realization Account, Read the latest news and announcements from NCERT and CBSE below. 10,000 at 10% discount and the balance was paid to them in cash. 40,000 respectively, the amount owed by X to the firm was Rs. 12,000 was recovered from a debtor which was written off as Bad debts last year. Half the shares were sold in the market subject to a commission of 2% and the balance half were divided by all the partners in their profit sharing ratio. (v) Creditors agreed to accept 10% less. 400. 10,000. 1,29,000, Stock                                  Rs. 1. Stock realised Rs. (ii) Debit Y's Capital A/c and Credit Bank A/c by Rs. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments, covers all the questions provided in DK Goel Books for 11th Class Accountancy Subject. Grewal's Solutions for all books for CBSE Class 12. (vi) Realisation expenses amounting to Rs. 5,700; Final Payments: X Rs. (f) Bank Loan was settled along with interest of Rs. Expenses of dissolution came to Rs. X, Y and Z entered into partnership on 1st October, 2017 sharing profits and losses in the proportions of 4:3:2, respectively, and with capitals of Rs. A, B and C shared profits in the ratio of 1:2:2. Question 53. They decide to dissolve their firm on 31-03-2018, the date on which their Balance Sheet stands as under: The following additional information is given : (1)    Investments are taken over by P at book value. 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. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). (c) Building was taken over by Rashi at Rs. Prepare realisation and Cash account. Mrs. Wolf accepted Rs. The following was the Balance Sheet of Fox and Wolf as at 31st March, 2018, when they decided to dissolve the firm : Stock                                     Rs. Question 10. On that date their books showed the following ledger account balances: (a) Bills Payable falling due on 31st May, 2016 were retired on the date of dissolution of the firm, at a rebate 0f 6% per annum. Jain, Sharma and Verma were partners in a firm sharing profits in the ratio of 1: 2: 1. 2,000. 11,200, Debtors: Rs. A, B and C sharing profits and losses in the ratio of 3 : 2 : 1 agreed to dissolve their partnership firm on 31st March, 2018. 1,250. 30,000 will be transferred to the Cr. 5,500; Plant Rs. 10,000. 50,000, Goodwill – Rs. Question 24. A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. Dk Goel Class 11 Solutions PDF Format Kansas Cdthanhlinh Org. side of Capital Accounts. On 31.3.2018 their Balance Sheet was as follows: (i) Sanjay agreed to take over land and building at Rs. Question 63. DK Goel Solutions for Class 12. What accounting record is made on dissolution of partnership firm? 10,000 was received from a customer Mr. Surender Kumar and the bill was discounted from the bank. 20,000; Bills Receivable Rs. 4,500 and Credit Realisation A/c by Rs. Expenses of realisation amounted to Rs. 25,000, for which a commission of 2% was paid to the broker. 38,000. (iv) A bill of Rs. Creditors were settled in full settlement at Rs. 15,000 as remuneration. 5,000; and Stock-in-trade Rs. 5,000. Authors: D.K. (iv) Building was auctioned for Rs. Pass necessary entries assuming that various assets and external liabilities have been transferred Realisation Account: (1) X's loan was appearing on the liabilities side of Balance Sheet at Rs. A. They decide to dissolve their firm. 9,000 in full settlement of his claim. Question 25. Commission received in advance was returned to the customers after deducting Rs. Michael Jackson and John were partners in a firm sharing profits in the ratio of 3: 1: 1. (e) Fixed Assets realised Rs. 5,500. 2,00,000 and Rs. (iii) Out of the stock of Rs. (vi) There were 100 shares of Rs. On 31.12.2018 their Balance Sheet was as follows: On this date the firm was dissolved. (iv)The remaining debtors were sold to a debt collecting agency for 50% of the book value. 15,000 were paid at a discount of 3% Expenses incurred on realisation were Rs. 13,200 The assets realised Rs. 60,000. 20,000 had to be paid for provident fund. 12,000. 7,500 for an outstanding repair bill not provided for earlier. 1,01,100; Y Rs. 1,200 which had been written off completely from the books. 32,000 and the amount owed by the firm to Y was Rs. (v) Debit Realisation A/c and Credit Bank A/c by Rs. 1,20,000. 9 each and divided among the partners in their profit sharing ratio. 20,000. 4,00,000. (4) Commission received in advance was returned to the customers after deducting 60% for work done. Question 59. The Balance Sheet of the firm at the date of dissolution was as follows: (1) They appointed B to realise the assets. E, F and were partners in a firm sharing profits in the ratio of 2:2:1. (vi) Realisation expenses amounted to Rs. 1,50,000. 2,000. (b) Geta took over the goodwill for her own business at Rs. They agreed to dissolve the firm on June 30, 2018. (ii) Actual realisation expenses paid by A amounted to Rs. 50,000 had to pay the amount due 3 months after the date dissolution. 40,000 respectively. 10,000 included in the creditors. A, B and C were partners from 1st April, 2016 with capitals of Rs. On that date their respective credits to the Capitals were Rs. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their Balance Sheet as at 31st March, 2018 was as follows: It was agreed to dissolve the firm, and the terms of the dissolution were: (i) J took over Buildings at book value and agreed to pay off creditors. (iv) The Bill payable of Rs. Question 11. 25,000 (Dr.). Pass necessary journal entries for the following after various assets (other than cash bank) and the third party liabilities have been transferred to Realisation Account : (i) There was a stock of Rs. B takes over all the Stock at Rs. They agreed to dissolve the firm. Pass necessary Journal Entries for the following after various Assets (other than Cash and Bank) and the third party liabilities have been transferred to Realisation Account: (a) An old typewriter which was not recorded in the books was sold for Rs. Replies. The intend of this article is to let us know the significance of writing within the prescribed word limit while attempting the CBSE Board Examination. 1,00,000 and the remaining debtors were realised at 10% discount. Question 46. 10 each in DCM Ltd. acquired at a cost of Rs. Solution  1          Below are the circumstances under which a firm is dissolved:-. acquire the dk goel accountancy class 12 solutions pdf member that we give here and check out the link. Mrs. B's Loan was paid in full and the creditor were proved at Rs. The partners withdrew for personal use Rs. 5,000. 16 per share. The various assets were realised and liabilities were settled as under: (i) Garima agreed to pay her husband's loan. (iii) When the firm has agreed to pay a fixed amount to the partner towards realisation expenses and the partner has bear the expenses: (Being Remuneration allowed to the partner). Question 13. Question 65. Prepare the necessary ledger accounts to close the books of the firm. Arun was appointed to realise the assets. Manoj and Nand were partners sharing profits in the ratio of 3 : 2. Question  agreed to take over stock worth Rs. 9,000 and Rs. Show the Realisation Account, Bank Account and Partner's Capital de the books of the firm. 15,000 was met. 5,000 was taken over by a creditor of Rs. 8,000 were paid by the partner, M. (iii) Dissolution expenses were Rs. On 31st March, 2017, they decided to dissolve their firm. (v) A's loan was paid off with interest for six months. 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. On 31 March, 2020 their Balance Sheet was as follows: The firm was dissolved on the above date: (i) Anurag took over 60% of the stock at a discount of 20%, 25% of the remaining stock was sold at a profit of 40% on cost; Remaining stock was found obsolete and realised nothing. 3,200; Cash paid to B Rs. 6,000. Pass necessary journal entries for the above transactions. 400. (B)          Following is the balance sheet of P, Question  and R who were sharing profits and losses in the ratio of 3:2:1. (v) Land & Buildings were sold at a loss of 20%. 10,000 which was taken over by A at Rs. 5,000. 54,000, balance of the stock was sold off at a profit of 30 per cent on cost. 5,000 at Rs. Loss on Realisation Rs. 800. Realisation account is a nominal account and the object of such an account is to find out the profit or loss on realisation of assets and payment of liabilities. (ii) Making final payments to the partners. Question 22. On 31st January, 2018 they decide to dissolve the partnership, and the position of the firm on this date is represented by the following Balance Sheet : During the course of realisation, a liability under a suit for damages is settled at Rs. Land and Buildings realised at 40% higher than the book value. Rs. 20,000. (iv) Sundry Creditors amounted to Rs. 18,000 out of his private funds, who was responsible to bear all the realisation expenses. (iv) Debtors realised 20% less of the amount due from them. Actual expenses amounted to Rs. 20,000. They shared profit in the ration of 2:2:1. 30,000 falling due on 30th April, 2016 was discharged at Rs. CBSE Class 12 Accountancy DK Goel (2019). The assets were realized and liabilities were Paid off. Actual dissolution expenses Rs. 2,84,000 were paid to the creditors in full settlement of their claim of Rs. Firm paid an expense of Rs. 2,00000. 4,000. X and Y are partners. Prepare Realisation A/c, Bank A/c and Partners' Capital A/cs. 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