The partners were entitled to interest on capital @ 6% p.a. 3,55,000. 15,000 were paid at a discount of 3% Expenses incurred on realisation were Rs. Realisation of Building will be recorded at the net amount of Rs. (ii) When assets is taken away by one of the partners: (iii) If an asset is given away to a Creditor in part or full payment of his dues, the agreed amount of the asset is deducted from the claim of the creditor and the balance is paid to him. DK Goel Accountancy Class 11 Solutions Chapter 6. 1,62,000. What accounting record is made on dissolution of partnership firm? If some amount remains, it will be divided among the partners in their profit sharing ratio. 20,000. (vi) Question 's Loan was settled by payment of Rs. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. 4,500. On 15th March,2014 the firm was dissolved. 81,300 and by C Rs. On 31st March, 2017, they decided to dissolve their firm. Creditors were payable on an average of 3 months from the date of dissolution. 2,000. You are required to prepare Realisation Account, Bank Account and Accounts of the Partners. 1,10,000. 18,000 at a discount of 10% and the balance was paid to him in Cash. If you think this post on DK Goel Solutions for Class 12 Accountancy PDF is helpful, please share it with all your friends. 2,00,000; Creditors were paid at a discount of 10% and the expenses of dissolution were Rs. 1,200 which had been written off completely from the books. (ii) Furniture was sold for Rs. NCERT Class 12 Accountancy Books in English PDF Download. 32,000 and the amount owed by the firm to Y was Rs. (viii) Partner A is to be paid remuneration of Rs. (2)    Stock was taken over by X for Rs. 5,000. (iv) There will be no entry of Prem taking over furniture as his remuneration. Their Balance sheet as at 31st March, 2018 was as follows: Partners agreed to dissolve the firm on that date. (iii) Sundry Creditors took over investments in full settlement. 10,000. Extra Class gives students Free access of DK Goel (2019) questions and their solutions. 40,000 accepted an unrecorded vehicle of Rs. He also agrees to discharge the Bank Loan. 22,000 being Rs. 1,500 which were paid by the fir, on behalf of Menon. 600 which was met. 3,000. 70,000 and Rs. 40,000. Prepare Realisation A/c, Bank A/c and Partners' Capital A/cs. Arun was appointed to realise the assets. 5,000 at Rs. Pritam agreed to pay his wife's loan Naresh agreed to pay outstanding rent. (ii) Realisation expenses paid by the firm Rs. 10,000. During the course of dissolution a liability under action for damages was settled at Rs. The company offered for public subscription all the shares. Their Balance Sheet showed the following position on the date of dissolution : Question 8. Question 56. Sundry Debtors subject to a provision of 5%. Question 7. 5,00.000 and provision for doubtful debts appeared at Rs. Susan, Geeta and Rashi are partners sharing profits and losses in the ratio of 5: 3:2. 40,000 respectively, the amount owed by X to the firm was Rs. 5,000 only provided for in the books of the firm. (Being Realisation expenses paid in cash). Accountancy-DK Goel 2019 Solutions for Class 11 Accountancy Chapter 4 - Accounting for Goods & Service Tax GST) Accountancy-DK Goel 2019 Solutions for Class 11 Accountancy Chapter 5 - Books of Original Entry- Cash Book; Accountancy-DK Goel 2019 Solutions for Class 11 Accountancy Chapter 6 - Books of Original Entry- Special Purpose Subsidiary Books 6,000, remaining Debtors were realised for 90% of the book value. 1,000; Debtors Rs. (iii) Machinery was sold as scrap for Rs. How much amount was realised from debtors? Half the trade creditors accepted plant and machinery at an agreed valuation of 10% less than the book value and cash of Rs. Question 30. (b) The bankers accepted the furniture (included in sundry assets) having a book value of Rs. 1,50,000. X and Y shared profits in the ratio of 4: 1. 5,000 was taken over by a creditor of Rs. 8,000. Pass necessary Journal entries for the dissolution of the firm. (v) Realisation expenses amounting to Rs. 3,50,000. (iv) The firm had to pay Rs. Question 3. LearnCBSE.in provided chapter wise detailed solution to the question of the NCERT (National Council of Educational Research and Training ) textbooks. 6,000. 40,000. (vi) Realization expenses amounted to Rs. Remaining assets realised Rs. These shares are valued at Rs. Download Worksheets for Class 12 Accountancy made for all important topics and is available for free download in pdf, chapter wise assignments or booklet with... Free revision notes, brief chapter explanations, chapter summary and mind maps for all important and difficult topics of CBSE Class 12 Accountancy as per 2021... Download NCERT books for Class 12 Accountancy, complete book or each chapter in Accountancy book for Class 12 in pdf. Srijan was to receive 5% commission on sale of assets (except cash) and was to bear all expenses of realisation. Arun, Tarun and Varun shared profits in the ratio of 2:2:1. Assets realized as follows: (i) The Land & Building was sold for Rs. (3) A B/R for Rs. P, Q  and R were partners in a firm sharing profits in the ratio of 1: 2: 2. 40,000 and Debtors Rs. Question 4. Stock realised Rs. Reply Delete. 10,000 to the firm. A and B dissolve their partnership. (3) Market value of Investments was ascertained to be Rs. 40,000 per partner per year. Prepare Memorandum Balance Sheet, Realisation Account; Partner's Capital Accounts and Cash Account. 5,000, B taking up furniture at Rs. 20,000 was handed over to an unrecorded liabilities of Rs. Question 61. 1,500. (iv)              Plant and Machinery realised Rs. 3,400 and Credit Realisation A/c by Rs. 50,000 took over Motor Car in full settlement of his claim and the balance of creditors was paid at a discount of 2%. 7,500. 15,000 in full settlement. The dissolution expenses were Rs. 29,550. Question 17. (vi) Debit Jame's Capital A/c by Rs. Chapter 3 Class 12 Dk Goel Pdf Download.pdf - Free download Ebook, Handbook, Textbook, User Guide PDF files on the internet quickly and easily. Question 58. Question 60. (i) Srijan was appointed to realise the assets and discharge the liabilities. 2,000. Question 1. Prepare Realisation Account, Bank Account and Partner's Capital Accounts. (e) Nandan had taken taken a loan of Rs. 8,000 and X took over Bills Receivable at 20% discount. 20,000 were paid at 5% discount. E, F and were partners in a firm sharing profits in the ratio of 2:2:1. When  a partner, other than the partner filing a suit, has become permanently incapable of performing his duties as a partner. On 1-3-2015 their firm was dissolved. Dk Goel Accountancy Class 12 Chapter 3 Solutions.pdf - search pdf books free download Free eBook and manual for Business, Education,Finance, Inspirational, Novel, Religion, Social, Sports, Science, Technology, Holiday, Medical,Daily new PDF ebooks documents ready for download, All PDF documents are Free,The biggest database for Free books and documents search with fast results … 37,000 and balance at bank Rs. Thereafter the balance of Partners Capital Account will be returned. (iii) Creditors accepted Debtors in full settlement of their claim. (ii) Dissolution expenses Rs. Question 36. 3,000 under discount was dishonored as the acceptor had become insolvent and hence the bill had to be met by the firm. 3,00,000) was sold for Rs. (iv) Building was auctioned for Rs. 30,000 and Rs. (iii) Debit General Reserve A/c and Credit Partner's Capital A/cs in profit sharing ratio. 15,000. Actual dissolution expenses Rs. 15,000 and he was to meet all expenses. Plant – Rs. Machinery is sold for Rs. Following is their Balance Sheet on the date of dissolution : (i) Land & Buildings were sold at 80% of the book value. 2,84,000 were paid to the creditors in full settlement of their claim of Rs. (ii) Accrued interest was not collected whereas there was a contingent liability of Rs. [Ans. You are required to pass Journal Entries. Question 49. Question 43. He had to bear the realisation expenses for which he was promised a lump sum amount of Rs. side of Capital Accounts. 3,000. Question 65. 1,000 and to bear all realization expenses. For this service X is paid Rs. The following is the Balance Sheet of A and B as at 31st March, 2018. 1,25,030, B's Rs. Question 24. Other fixed assets realised Rs. (iv) Investments were sold in the open market at a price of Rs. Their Balance Sheet as at 31st March, 2018 was as follows: Partners decide to dissolve the firm on the above date. (ii) Adiraj's loan amounting to Rs. 8,000. These solved Chapter wise Class 11 DK Goel solutions are made in such a way that students can easily … 1,50,000 respectively. Download DK Goel Solutions Class 12 Accountancy Chapter 6 Dissolution of a Partnership Firm pdf, latest solutions for Accountancy latest book, Short Answer QuestionsQuestion 1. This liability was not provided for in the above Balance Sheet Rs. (4) There was a Contingent liability in respect of bill discounted but not matured Rs. The expenses were paid by him. Question 26. etc. Their capitals stood at Rs. 17,000 and furniture was sold to K for Rs. Raman took over 50% of the stock at 10% discount and remaining stock was sold at 40% profit on book value. 10,000. Rs. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. (iv) Expenses of realisation amounted to Rs. Solutions Dk Goel Accountancy Class 12 Solutions Right here, we have countless book dk goel accountancy class 12 solutions and collections to check out. Anurag and Prem were partners sharing profits and losses in 2 : 1. Replies. 400. X, Y and Z decided to dissolve partnership. The solution for this question is as follows: 45,670. Access free T.S. 1,00,000. 1,20,000 were due to creditors. Goel, Rajesh Goel, Shelly Goel Published by: Arya Publications ISBN: 978-81-7855-804-2. 3.) 80,000, Karan took over 50% of the stock at a discount of 20% while the remaining stock was sold off at a profit of 30% on cost. They agreed to dissolve the firm. 62,100 Z 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. Question 4. Prepare Realisation Account, Capital Accounts and Bank Account. They shared profits and losses in the ratio of 2:1. Their Balance Sheet as at 31st March, 2019 was as follows: Partners agreed to dissolve the firm on that date. The expenses of realisation were Rs. When a partner has become of unsound mind. We additionally have the funds for variant types and as well as type of the books to browse. Stock was valued at Rs. 2,98,000. If total assets are Rs. (a) Debit Realisation A/c and Credit Sharma's Capital A/c by Rs. 2,84,000. 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. (iii) Typewriters were taken over by A for an agreed valuation of 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. 10,000, what will be the profit or loss on realisation? Mention the order in which the proceeds from the sale of Assets are utilised at the time of dissolution of partnership firm. 3,50,000 by paying cash. Replies. 3,00,000; assets are realised at 70% and expenses on realisation are Rs. 36,000 and this was taken over by P and Question  equally. 1,20,000. X agreed to bear all realisation expenses. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. Firm paid an expense of Rs. Close the books of the firm by preparing Realisation Account, Partner's Capital Accounts, and Bank Account. 18,000; and Accounts Receivable at Rs. 30,000. 5,000. Question 23. 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. The partners withdrew for personal use Rs. 40,000; Debit Realisation A/c and Credit X's Capital A/c by Rs. 2,000) of the realised Rs. (iii) Sundry creditors accepted machinery and paid Rs. 21,000. TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital. He also agreed to pay the Creditors. 1,800. Land & Buildings were sold at Rs. (c) Building was taken over by Rashi at Rs. The partners had withdrawn P Rs. Assets realised Rs. 50,000 had to pay the amount due 3 months after the date dissolution. Actual realisation expenses amounted to Rs. P, Q  and R are partners sharing profits and losses in the ratio of 2:1:1. Dk Goel Accountancy Class 11.pdf - Free Download DK Goel Accountancy Class 11 Solutions Chapter 6 Accounting Equations which are outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy books. On 31st March, 2017 their Balance Sheet was as follows: On the above date they decided to dissolve the firm. The following  is the Balance Sheet of A and B as at 31st March, 2018: 1. Question 39. (b) Geta took over the goodwill for her own business at Rs. Mala Neela and Kala were partners sharing profits in the ratio of 3:2:1. 5,500. 60,000. 3,00,000; Rs. 20,000; Bills Receivable Rs. Following is the Balance Sheet of Vinit and Yogesh as at 31st March, 2015: The firm was dissolved on 31st March, 2015. Derek who became insolvent Surender Kumar and the stock at 20 % discount Debtors. Cheque of the students tend to become nervous at the market value of the Board.... 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