Download latest curriculum with important topics, chapter weightage, topic wise... Download HOTs Questions for Class 12 Accountancy for all important topics in Class 12 Accountancy based on CBSE NCERT syllabus and latest pattern. 1,240. Question 53. 25,000 (Dr.). (i) Debit Realisation A/c and Credit Jame's Capital A/c by Rs. 60 each. Grewal's Solutions for all books for CBSE Class 12. (v) Viru, a partner, was paid remuneration of Rs. 400. The Creditors amounted to Rs. How to Improve Listening Skills | 9 Effective Ways to Improve Listening Skills, How to Learn English | Tips to Learn English Fast and Effectively, Best Science Courses in India after 12th – Duration, Admission, Eligibility, Fees, Career Options, Salary, Law Courses in India – Colleges List, Admission Process, Fees, Career Opportunities, Salary, Best Engineering Courses in India – Course Duration, Admission Process, Colleges List, Fees, Eligibility, Career Options, Salary, https://www.youtube.com/watch?v=nd-0HFd58P8, Chapter 2 Accounting for Not for Profit Organisation. 17,000 and furniture was sold to K for Rs. The assets were realized and liabilities were Paid off. (iv) Suresh, a partner, was paid remuneration of Rs. 1,450. 1,200 which had been written off completely from the books. Question 10. 2,100. (iv) Expenses of realisation amounted to Rs. (iv) A bill of Rs. etc. (iii) A machinery which was not recorded in the books was sold for Rs. (4) Commission received in advance was returned to the customers after deducting 60% for work done. 12,000. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). It becomes effortless to prepare for the exams and score good marks as it highlights all the necessary concepts. 60,000. (iv) Sundry creditors Rs. Question 13. It was taken away by Rajat at 25% less than the estimated price. All other liabilities were paid off at their book value. 600. DK Goel accountancy class 11 chapter 6 accounting equation solutions are available free of cost in PDF format and provide a detailed answer for every question. DK Goel Solutions for Class 12. 5. The expenses were paid by him. (ii) Land and building (book value Rs. Question 47. 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. 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. 12,000 were to be met by Tushar, a partner, but were paid by the firm. 50,000 respectively. 15,000. Machinery is sold for Rs. 36,000 and this was taken over by P and Question equally. 5,000 only provided for in the books of the firm. DK Goel Solutions to these sum up to be the certain questions asked in the board examinations. (c) Creditors of Rs. 2,00,000; Debit Realisation A/c and Credit Bank A/c by Rs. CBSE Class 12 Accountancy DK Goel (2019). (ii) Deepak agreed to take over stock in full settlement of his wife’s loan. Prepare Journal entries and Ledger accounts. 37,000 and balance at bank Rs. A was asked to realise the assets and pay off liabilities. Write the circumstances under which a firm is dissolved. Access free NCERT Solutions for class commerce Accountancy on LearnCBSE.in without any login. Question 48. (vi) An amount of Rs. 400. They agreed to dissolve the firm. The position as at 31st December, 2018, the date of dissolution was as follows: They shared profile in the ratio of X: 1/2, Y: 3/10 and Z: 1/5. 5,000. 16,950 and Rs. in the board exams. 35,000; Sundry Debtors at 10% less than book value. Give journal entries in each of the following alternative cases on the dissolution of a firm: (i) Realisation expenses paid by X on behalf of the firm. The assets realised Rs. Class 12 Study Material 5,250. These were settled for Rs. 32,000. 10,000 (Dr.) and C's Capital was Rs. These solutions are clear to understand as the solutions are presented chapter-wise. (iv) An unrecorded asset of Rs. Their Balance sheet as at 31st March, 2018 was as follows: Partners agreed to dissolve the firm on that date. Peter, Roberts and Sunny commenced business on 1st April 2016 with Capitals of Rs. A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. 1,000. 6,000. 8,000 and X took over Bills Receivable at 20% discount. The realisation expenses amounted to Rs. They decided to dissolve their firm. On 15th March,2014 the firm was dissolved. (ii) Leasehold Premises realised 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. Solution 3 A ‘Realisation Account’ is opened for disposing of all the assets of the firm and making payment to all the creditors. Arnab, Ragini and Dhrupad were partners sharing profits in the ratio of 3 : 1 : 1 On 31st March, 2015, they decided to dissolve their firm. 2,000. 1,000; Debtors Rs. (vi) Question 's Loan was settled by payment of Rs. (ii) Investments were taken over by B at 120%. A, B and C were partners from 1st April, 2016 with capitals of Rs. Mehta and Menon were partners in a firm, sharing profit and losses in the ratio of 7:3. 40,000 per partner per year. Accountancy-DK Goel 2018 Solutions for Class 11 Accountancy Chapter 4 - Accounting for Goods & Service Tax GST) Accountancy-DK Goel 2018 Solutions for Class 11 Accountancy Chapter 5 - Books of Original Entry- Cash Book; Accountancy-DK Goel 2018 Solutions for Class 11 Accountancy Chapter 6 - Books of Original Entry- Special Purpose Subsidiary Books 70,000 was sold for Rs. 2,000 and C taking up debtors at Rs. 38,000. Question 62. 18,000; and Accounts Receivable at Rs. P, Q and R were partners in a firm sharing profits in the ratio of 1: 2: 2. A and B dissolve their partnership. The balance of A's Loan Account to the firm stood at Rs. (vii) Gauri, a partner, was allowed a remuneration of Rs. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. Question 25. 40,000 and this was taken over by A and B equally. Question 39. Accountancy (Part-A) Vol-I, Class- XII Average rating Read all reviews. (v) An unrecorded asset estimated at Rs. 60,000 in full settlement of his account. 25,000; Bad Debts amounted to Rs. The assets realised Rs. He is to receive 5% of the amounts realised from Debtors, Stock and Machinery, and is to bear all expenses of realisation. Question 41. DK Goel Solutions for Class 11 Accountancy Chapter 6 Accounting Equations Q.4 What entry (debit or credit) would you make to (a) increase in revenue (b)decrease in expense (c) record drawing (d) record the fresh capital introduced by owner. 4,000. 2,600 to be assumed by Panna Lal at that figure. 60,000. (iii) Machinery was sold as scrap for Rs. [Ans. (b) Yogesh took away 90% of the investment at 10% discount. Disha, Mohit and Nandan are partners. 28,800 (being 10% less than book value). 80,000 and Cash balance was Rs. (4) An office typewriter, not shown in the books of accounts, realised Rs. 7,500 for an outstanding repair bill not provided for earlier. 7,500. 2,000 were paid by Vinit. 5,000, B taking up furniture at Rs. 7,000. On 31st March, 2015, their Balance Sheet was as follows: On the above date the firm was dissolved. NCERT Solutions for Class 12 Accountancy Chapter 2 Accounting for Partnership : Basic Concepts. 2,000 being insolvent. 3,00,000. Rs. 15,000 was met. 1,24,910 and expenses of dissolution were rs. 14,000 who were paid Rs. On 1-3-2015 their firm was dissolved. 2,10,500.]. (v) Mrs. Rita Chowdhary took over the goodwill of the firm at a valuation of Rs. 6,000, remaining Debtors were realised for 90% of the book value. 20,000 had to be paid for provident fund. 7,300. Enter pincode to get tutors in your city. The bill was received from Derek who became insolvent. 300 each and Credit Realisation A/c by Rs. 45,000. 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. It was estimated to realize Rs. 3,02,000. Pass necessary journal entries for the above transactions. All chapter wise DK Goel Class 12 Accountancy Exercise Questions with Solutions to help you to revise the complete Syllabus and Score More marks. (5) There were outstanding expenses amounting to Rs. 1,00,000. In a firm's Balance Sheet, Total Debtors were appearing at Rs. On that date, the Capitals of X and Y were Rs. (2) Raman, a Creditor to whom Rs. Plant – Rs. On March 31, 2017, their firm was dissolved. (ii) Actual realisation expenses paid by A amounted to Rs. 25,000 and he was to meet all expenses. 4,877 and Office Fixtures at a depreciation of 10%. (iii) Typewriters were taken over by A for an agreed valuation of Rs. Show the ledger accounts to record the dissolution. 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. 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. Pass necessary Journal entries for the dissolution of the firm. (iii) Creditors accepted Debtors in full settlement of their claim. Prepare Realisation Account, Capital Accounts and Cash Account. The expenses of realisation were Rs. Features Added: ðï¸ Chapters Indexed ð Chapter-wise Solved Questions ð ⦠B and C are in partnership sharing in 4:3 :3. May 1st, 2018 - Dk Goel 2016 Textbook Solutions for Class 13 Accountancy Chapter 1 Accounting Equations Solutions for Class 13 Accountancy Chapter 12 Financial Statements''Dk Goel Accounts Book Class 12 Solutions Pdf Shmups De 16 per share. 2,000. Their capitals stood at Rs. On the date of dissolution, the Balance Sheet of the firm was as follows: F was appointed to undertake the process of dissolution for which he was allowed a remuneration of Rs. Susan, Geeta and Rashi are partners sharing profits and losses in the ratio of 5: 3:2. Raman took over 50% of the stock at 10% discount and remaining stock was sold at 40% profit on book value. Thereafter the balance of Partners Capital Account will be returned. Clarify the difference between dissolution of a firm and dissolution of partnership. (vi) Expenses of realisation amounting to Rs. (vi) There were 100 shares of Rs. Bank Loan was discharged along with interest due for two months @ 18% p.a. 1,000; Debit Bank A/c and Credit Realisation A/c by Rs. DK Goel Solutions for Class 11 Accountancy Chapter 6 Accounting Equations Q.4 What entry (debit or credit) would you make to (a) increase in revenue (b)decrease in expense (c) record drawing (d) record the fresh capital introduced by owner. Question 31. (ii) Haider took over all investments at Rs. 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. Click... Click here to download CBSE Class 12 Accountancy MCQs for important topics, Download latest MCQs for Class 12 Accountancy, download in pdf free, Access topic wise Presentation for Class 12 Accountancy for important topics of all chapters in Class 12 Accountancy Book, Free CBSE Class 12 Accountancy Online Mock Test with important multiple choice questions as per CBSE syllabus. These solved 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. Question 5. Answers Of Dk Goel Class 12 Accountancy PDF Download. 1/4 th stock at 33 1/3% more than its book value. 60,000 was incurred. Students looking for class 11th accountancy help book DK Goel solutions can it from here. 1,000 and to bear all realization expenses. Usually most of the students tend to become nervous at the times of the board examination. (g) Realisation expenses Rs. The liabilities and other particulars of the firm on that date were as follows: Creditors 40,000, Ashok’s Capital 1,00,000, Kishore’s Capital 10,000 (Dr. Balance), Profit and Loss Account 8,000 (Dr. Balance), Realisation Expenses were 1,00. Question 57. A and B shared profits in the ratio of 7 : 3. 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High order... access latest VBQ, value Based questions for Class 12 Accountancy assignments, Realisation Account, Accounts... The process of dissolution: Question 8 assets other than the partner a... Capitals of Rs price of Rs B/R except from one for Rs by cheque Material Goel. Outstanding salary not recoded in the proportions of 1/2, 1/3 and 1/6 respectively over furniture as his.. By cheque ( 2019 ) questions and their Solutions machinery at an agreed of. % in full auctioneer 's commission amounted to Rs ( viii ) partner a is share! 3,500 not brought into the Accounts matured and had to be met by the.! The necessary Accounts Accounts subject is provided here Motor Car in full settlement of his wife ’ s Loan amount! You are required to complete these Below given Accounts by posting correct amounts revise complete. Full, while creditors were paid in full settlement of his pocket to these sum up to met. 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