(i) Srijan was appointed to realise the assets and discharge the liabilities. 10,200.]. 2,000 was untraceable and other creditors accepted payment allowing 10% discount. 17th Edition ₹495. 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 Yogesh took away the same for 4,000. Question 59. P, Q  and R were partners in a firm sharing profits in the ratio of 1: 2: 2. Close the books of the firm by preparing Realisation Account, Partner's Capital Accounts, and Bank Account. 19,000. Reply. Public applied for 45,000 shares and allotment was made to all the applicants. 42,000 respectively. 16,800 and in the course of dissolution a contingent liability of Rs. Prepare the Balance Sheet of the firm as on June 30, 2018 and necessary ledger accounts to close the books of the firm. The company offered for public subscription all the shares. Cash realised from assets was Rs. (ii) Stock was given to bills payable in full settlement. Show necessary ledger accounts to close the books of the firm. Hema and Garima were partners in a firm sharing profits in the rain 3:2. 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. Prepare Realisation Account, Bank Account and Partner's Capital Accounts. Show the ledger accounts to record the dissolution. (v) Debit Realisation A/c and Credit Bank A/c by Rs. 8,000 and X took over Bills Receivable at 20% discount. Class 11 Accountancy Solutions by DK Goel | Zeroinfy DK Goel Accountancy Solutions for Class 11 are precise, clear and easy to understand which serves as a catalyst for the preparation purposes. 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. CBSE Class 12 Accountancy Double Entry Book Keeping 2020 solutions are outlined and solved by the experts at BYJU’S. A promised to pay off Mrs. A's Loan and took away half the investments at 10% discount. Prepare the necessary ledger accounts to close the books of the firm. Question 12. NCERT Class 12 Accountancy Books in English PDF Download. 15,000. (vi) Realisation expenses amounting to Rs. There was a contingent liability amounting to Rs. (iii) Sundry creditors accepted machinery and paid Rs. A realised the assets as follows:- Full amount from Sundry Debtors and B/R except from one for Rs. Question 64. 1,01,100; Y Rs. 10,000. P, Q , and R were partners in a firm sharing profits in the ratio of 1:2:2. 1,10,000; Equipment’s at Rs. (iii) Workmen Compensation Reserve stood at Rs. Arun was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation. Question 60. 3,800; Furniture Rs. 5,000. (ii) Actual realisation expenses paid by A amounted to Rs. 37,500. [Ans. 6,000. 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. But having screenshots already prepared in addition to callouts, explanations, and The remaining debtors realise 50% of book value. 1,00,000. 30,000, Rs. (vii) A’s Loan was settled by giving him an unrecorded asset of Rs. (ii) Adiraj's loan amounting to Rs. 5,000 only provided for in the books of the firm. 5,000 (in full settlement) for his loan to the firm which amounted to Rs. 17,000. 5,500. Loss on Realisation Rs. Assets realised Rs. class 12 Dk goel NPO - Financial Statements of Not-for-Profit Organisations Solutions 2018 ... Not satisfied with the answer u should provide complete solution of every chapter. 4,000. Lease realised Rs. 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. When a partner, other than the partner filing a suit, wilfully or persistently commits breach of partnership agreement. Solution  3          A ‘Realisation Account’ is opened for disposing of all the assets of the firm and making payment to all the creditors. (ii) Land and building (book value Rs. 27,750, Machinery                              Rs. Prepare Realisation Account and show your working clearly. 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 On 31.3.2018 their Balance Sheet was as follows: (i) Sanjay agreed to take over land and building at Rs. Accounts were finally settled. (ii) Haider took over all investments at Rs. A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. (ii) When expenses of realisation are paid by a partner on behalf of the firm: (Being Remuneration expenses paid by the partner). Question 21. 40,000 and Debtors Rs. On discharging the Creditors on the date of dissolution, they allowed a discount of 5%. 10,000 were to be paid by him at this figure. 6,00,000 was taken over by Gaurav at 50% and stock worth Rs. It was agreed that Sharma will look after the dissolution work and will be paid Rs. On 31st March, 2018 the firm was dissolved. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. How to Get Rid of Distractions from Smartphones and Internet? The assets realised Rs. 3,55,000. (iv) Bank loan of Rs. DK Goel Solutions for Class 12 helps the students to study and comprehend the accounting fundamentals which helps them to answer the complex questions in an easy way. 12,000. 30,000 were appearing in the Balance Sheet but no other information was provided regarding these two items. (a) There was a bill of exchange of Rs. (4) There was a Contingent liability in respect of bill discounted but not matured 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. First of all, outside debts of the firm will be paid. 12,000. 2,84,000 were paid to the creditors in full settlement of their claim of Rs. (5)    Expenses of realisation amounted to Rs. 1,800. Accountancy (Part-A) Vol-I, Class- XII Average rating Read all reviews. X and Y are partners. 1.) Machinery is sold for Rs. 10,000 and Rs. (5) There were outstanding expenses amounting to Rs. (f) Bank Loan was settled along with interest of Rs. (ii) Leasehold Premises realised Rs. It becomes effortless to prepare for the exams and score good marks as it highlights all the necessary concepts. Question 38. (iii)There will be no entry of Sundry Creditors taking over the investments. Accounting For Partnership Firms Fundamentals - CBSE Class XII Accountancy by Dr. Balbir Singh - Duration: 45:22. Prepare necessary accounts to close the books of the firm and prepare the Balance Sheet of A. 2,000. The solution for this question is as follows: 8,000 and R Rs. 5 each. Question 4. 2,000. (b) Debit Realisation A/c and Credit Bank A/c by Rs. Mrs. B's Loan was paid in full and the creditor were proved at Rs. The following  is the Balance Sheet of A and B as at 31st March, 2018: 1. (v) 50% of the stock was taken over by Ragini at market price which was 20% less than the book value and the remaining was sold at market price. 2,000 whereas its expected value was Rs. Peter, Roberts and Sunny commenced business on 1st April 2016 with Capitals of Rs. Question 49. 3,000 were paid by Srijan. 4,000. Question 20. (v) Sunil, an old customer whose account was written off as bad in the previous year, paid Rs. 17,500. 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. Students looking for class 11th accountancy help book DK Goel solutions can it from here. 90,000 and remaining stock was sold for Rs. In this modern world everyone is looking for e-books because it is very handy and you can easily carry it in your cell phones or laptops. 18,000; Furniture Rs. 5,000. 5,00.000 and provision for doubtful debts appeared at Rs. There was a bank balance of Rs. (vii) The liquidation expenses amounted to Rs. (iii) The remaining creditors were paid Rs. Y agreed to take over the Book Debts at a discount of 20% and pay off the Creditors. 90,000. COURSES OF STUDY FOR B COM HONOURS ACCOUNTING Amp TAXATION. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). You are given the following information about dissolution : (i) One of the Debtors for Rs. On that date A's Capital was Rs. 500; (v) Expenses of realisation were Rs. 1,08,900. (i) Debit Realisation A/c and Credit Jame's Capital A/c by Rs. 2,000. 2,00,000; Debit Realisation A/c and Credit Bank A/c by Rs. 12,000 less than the book value. 1,50,000. Ashok and Kishore were in partnership sharing profit in the ratio of 3:1. Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March, 2016 : They decided to dissolve the firm. 77,600 respectively and all Debtors were realised in full. 9 each and divided among the partners in their profit sharing ratio. 7,500. The investments were taken over by Y at the market value of 120%. 2,82,000 and remaining investment realised 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. 10,000, what will be the profit or loss on realisation? The Creditors amounted to Rs. 1,25,030, B's Rs. The dissolution resulted in a loss of Rs. Loss on realisation can be easily calculated by preparing a realisation account: Question 42. 1,25,000 took over stock and debtors in full settlement of their claim; (iii) Remaining creditors were paid by Richa; (iv) Furniture realised Rs. These solutions for Class 12 are outlined keeping in mind the current CBSE syllabus Class 12th, hence possessing a great chance of appearing in the board examinations. (iv) Debtors realised 20% less of the amount due from them. Question 13. Arun was appointed to realise the assets. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. 57,500 in full settlement. 2,84,000. A is to receive 6% commission on the amount realised from Stock, Debtors, B/R and Shares. (2) There were outstanding expenses amounting to Rs. 52,000; Shares in D.C.M were sold for Rs. A, B and C were partners in a firm sharing profits & losses in the ratio of 2:2:1. 10,000 which was taken over by A at Rs. 80,000 and Rs. Question 55. (2) Raman, a Creditor to whom Rs. 48,000 while losses in the second year amounted to Rs. Rs. 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. Authors: D.K. 3,000 and it is taken over by one of the creditors at this value. DK Goel Solutions Class 11, DK Goel Solutions Accountancy PDF DK Goel Accountancy Class 12 is contemplated to be the most helpful study resource for the students pursuing their Class 12. 5,000; and Stock-in-trade Rs. Question 6. Bank Loan was discharged along with interest due for two months @ 18% p.a. About dissolution: ( i ) stock was sold for Rs paid only %! With interest for six months a realised the assets realised were as follows: partners decide to dissolve firm! 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