Aryabhata Ganit Challenge (AGC) has been initiated by the CBSE Board to enhance mathematical abilities among students in the year 2019. NCERT Solutions for Class 12 Accountancy Chapter 2 Accounting for Partnership : Basic Concepts. 10,000 which was taken over by A at Rs. A is to receive 6% commission on the amount realised from Stock, Debtors, B/R and Shares. (iv) Debit Realisation A/c and Credit Bank A/c by Rs. (g) Realisation expenses Rs. (c) Sunil, a debtor Rs. (iii) Half the creditors agreed to accept furniture of the firm in full settlement of their claim and remaining half agreed to accept 5% less. 1,10,000. Accounts were finally settled. (3) Sudhir, an unrecorded creditor of Rs. How to Get Rid of Distractions from Smartphones and Internet? 3,00,000. Expenses of realisation amounted to Rs. Prepare realisation and Cash account. 32,000. 20,000 at Rs. On that date the Capital Accounts of P and Q showed credit balances of Rs. 30,000 falling due on 30th April, 2016 was discharged at Rs. 12,000. The Creditors amounted to Rs. 25,000, Stock: Rs. E, F and were partners in a firm sharing profits in the ratio of 2:2:1. Reply. Sundry Creditors allowed a discount of 5%. X and Y were partners in a firm sharing profit and losses in the ration of 5:3. You are required to show the Realisation Account, Capital Accounts and Bank Account. The balance of A's Loan Account to the firm stood at Rs. 18,000 at a discount of 10% and the balance was paid to him in Cash. (d) Only 80% of the debtors paid their dues. 12,000 were to be met by Tushar, a partner, but were paid by the firm. 2. 25,000; Bad Debts amounted to Rs. (5) There were outstanding expenses amounting to Rs. (v) Creditors are paid off at a discount od 10%. (3) Market value of Investments was ascertained to be Rs. 50,000 had to pay the amount due 3 months after the date dissolution. 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. 3. Rs. 20,000 was handed over to an unrecorded liabilities of Rs. 40,000 and Debtors Rs. Actual dissolution expenses Rs. (2) There were outstanding expenses amounting to Rs. It was settled for Rs. 15,000; Plant at 30% discount. They decided to dissolve their firm. A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. Expenses of realisation amounted to Rs. (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. (ii) Accrued interest was not collected whereas there was a contingent liability of Rs. P and Q were partners in a firm sharing profits and losses equally. 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. Question 26. Question 63. 22,000 being Rs. Loss on Realisation Rs. acquire the dk goel accountancy class 12 solutions pdf member that we give here and check out the link. 28,000; Bills Receivable Rs. Close the books of the firm by preparing Realisation Account, Partner's Capital Accounts, and Bank Account. The expenses of dissolution Rs. DK Goel Accountancy Class 12 Account Solutions Vol-1 - Chapter 5 - Part - 2 is contemplated to be the most helpful study resource for the students pursuing their Class 12th. 1,250. (vi) Realisation expenses were Rs. (vii) Realisation expenses Rs. A and B were partners sharing profits and losses in 2:1. TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital. Mehta and Menon were partners in a firm, sharing profit and losses in the ratio of 7:3. 2,98,000. We at BYJUâS provide DK Goel Solutions to assist students to comprehend all the theories in particular. (B) Mrs. Rita Chowdhary and Miss Shobha are partners in a firm, 'Fancy Garments Exports' sharing profits and losses equally. Question 29. Download all VBQ for Class 12 Accountancy in pdf free. 1. Assets and liabilities realised as follows: (i) Plant & Machinery was taken over by A at 60% of the book value. Question 60. They decide to dissolve the partnership firm. Trade Creditors and Bills Payable were due on average basis of one month after 31st March, but were paid immediately on 31st March, at 12% discount per annum. 1,00,000 and liability in respect of it was ascertained at Rs. Loss on Realisation Rs. Another creditor of Rs. Actual Expenses amounted to Rs. Question 28. 25,000 and he was to meet all expenses. (vi) Realization expenses amounted to Rs. Authors: D.K. (vii) Gauri, a partner, was allowed a remuneration of Rs. Question 4. One customer, whose account was written off as bad, now paid Rs. When a partner, other than the partner filing a suit, is guilty of misconduct that may harm the partnership. 20,000, and one of the creditors agreed to accept the Investments at this value. (iii) Out of the stock of Rs. Chapter 9 Account Solutions Vol-2 â Chapter 3 â Download PDF; We hope that DK Goel Solutions Class 12 Accountancy helped with your studies. NCERT Class 12 Accountancy Books are provided in PDF form so that students can access it at any time anywhere. 5,000. On 1-4-2018 they decided to dissolve the firm. 2,520. 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. 3,00,000; assets are realised at 70% and expenses on realisation are Rs. 40,000. 2,000 being insolvent. 10,000 (Dr.) and C's Capital was Rs. 18,000.]. On 31st March, 2017, they decided to dissolve their firm. 5,250. Prepare necessary accounts to close the books of the firm and prepare the Balance Sheet of A. (ii) Haider took over all investments at Rs. (vi) An amount of Rs. Question 56. 12,000 less than the book value. P, Q , and R were partners in a firm sharing profits in the ratio of 1:2:2. Chapter 3 Class 12 Dk Goel Pdf Download.pdf - Free download Ebook, Handbook, Textbook, User Guide PDF files on the internet quickly and easily. 1,000; Debit Bank A/c and Credit Realisation A/c by Rs. All other liabilities were paid off at their book value. 8,000 were paid by the partner, M. (iii) Dissolution expenses were Rs. Anurag and Prem were partners sharing profits and losses in 2 : 1. 50,000 from the firm, which was paid fully by him to the firm. 4,000 were paid by P. (v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs. (iii) Sundry Creditors were paid out at a discount of 10 per cent Bills payable were paid in full. Gaurav, Saurabh and Vaibhav were partners in a firm sharing profits and losses in the ratio of 2:2:1. 30,000 and R Rs. 40,000; Debit Realisation A/c and Credit X's Capital A/c by Rs. Prepare Realisation A/c, Bank A/c and Partners' Capital A/cs. Land and Buildings realised at 40% higher than the book value. Prepare Memorandum Balance Sheet, Realisation Account; Partner's Capital Accounts and Cash Account. Creditors were payable on an average of 3 months from the date of dissolution. 10,000, what will be the profit or loss on realisation? Expenses on dissolution came to Rs. 500; (v) Expenses of realisation were Rs. (vi) Dissolution expenses were Rs. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. 1,00,000 and liability in respect of it was ascertained at Rs. 1,00,000 and liability in respect of it was ascertained at Rs. (e) Menon agreed to take over the responsibility of completing the dissolution work and to bear all expenses of realisation expenses were Rs. Pritam and Naresh shared profits and losses in the ratio of their Capitals. 700. 37,500. 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. Land and Building Rs. Acces PDF Answers Of Dk Goel Class 12 Accountancy kdl40ex500 manual , kieso intermediate accounting 14th edition solutions chapter 19 , sowing seeds in the desert pdf , 1971 suzuki ts185 repair manual , 2008 hyundai elantra repair manual , building vocabulary skills 4th edition 7,000 and debtors amounting to Rs. 2,000; Stock realised Rs. (iv) A bills receivable of Rs. 40,000. CBSE Class 12 Accountancy DK Goel (2019). 3.) Half the stock was sold at 10% less than the book value and the remaining half was taken over by A at 20% more than the book value. DK Goel Solutions Class 11, DK Goel Solutions Accountancy PDF DK Goel Class 12 Accountancy textbook solutions furnish a wide range of solutions that certainly helps the students to analyse, understand and solve them. (ii) Book-debts realised Rs. 2,000. Solution 7 The following accounts are opened in the order to dissolution of partnership firm:-. (ii) When expenses of realisation are paid by a partner on behalf of the firm: (Being Remuneration expenses paid by the partner). Remaining Stock at 20% more than the book value. There was an unrecorded asset of Rs. Question 37. Disha, Mohit and Nandan are partners. (iv) Sundry creditors Rs. Commission on auction was Rs. The firm was dissolved on the first day of the third year, 1st April 2018. You are given the following information about dissolution : (i) One of the Debtors for Rs. The investments were taken over by Y at the market value of 120%. [Ans. (iii) Sundry creditors accepted machinery and paid Rs. These were settled for Rs. (5) Furniture of Rs. Download Free NCERT Solutions for Class 12 Accountancy PDF Chapter wise. Log in. 1,29,000, Stock Rs. You are required to prepare the Realization Account, Read the latest news and announcements from NCERT and CBSE below. Question 35. (iii) There was an unrecorded asset of Rs. 3,000. 9,000. X, Y and Z are in partnership, sharing profits and losses equally. Question 20. 50,000 took over Motor Car in full settlement of his claim and the balance of creditors was paid at a discount of 2%. (vi) Question a partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs. (b) Stock of Rs. 4,000. (B) Following is the balance sheet of P, Question and R who were sharing profits and losses in the ratio of 3:2:1. 75,000 and Land and Buildings Rs. 30,000 were appearing in the Balance Sheet but no other information was provided regarding these two items. 1,02,200; B/S Total Rs. Question 7. (4) Commission received in advance was returned to the customers after deducting 60% for work done. 3,400 and Credit Realisation A/c by Rs. 15,000. (a) Debit Realisation A/c and Credit Sharma's Capital A/c by Rs. One quarter's tax amounting to Rs. 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. 10,000 at 10% discount and the balance was paid to them in cash. 400. P agreed to discharge his wife’s Loan. 20,000 (being 25% more than the book value). These solved 6,800 at Rs. P, Q and R started business on 1st April, 2017. 12,000. Question 28. 25,000 and the balance was paid to him in Cash. 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. Remaining creditors were paid at a discount of 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. Gopal Ltd. was registered with an authorised capital of ₹ 50,00,000 divided into Equity Shares of ₹ 100 each. 1,200 which had been written off completely from the books. 2.) 40,000 was paid only 40% in full settlement of his account and remaining creditors accepted remaining stock in full settlement of their account. The expenses of realisation amounted to Rs. 2,000. 40,000; Q Rs. A, B and C were partners from 1st April, 2016 with capitals of Rs. (iii) The remaining creditors were paid Rs. 2,00000. 5% p.a. (ii) Y, who will continue with business, to take over Goodwill, Stock and Debtors at book values, Patents at Rs. 1,50,000. 15,000. 20,000 and goodwill of Rs. The Balance Sheet of the firm at the date of dissolution was as follows: (1) They appointed B to realise the assets. Pass necessary Journal entries for the dissolution of the firm. Prepare realisation account, partner's capital accounts and the cash account. (iv) Bank loan of Rs. Srijan was to receive 5% commission on sale of assets (except cash) and was to bear all expenses of realisation. A agrees to discharge his wife’s loan. All solutions are latest and up-to-date. 20,000 for dissolution work Realisation expenses of Rs. Dk Goel Accountancy Class 11 Tmolly De. (iv) Suresh, a partner, was paid remuneration of Rs. Creditors on that date were Rs. (c) Creditors of Rs. (ii) Furniture was sold for Rs. (ii) Firm had to pay Rs. 32,000 and the amount owed by the firm to Y was Rs. Question 34. It was estimated to realize Rs. 7,000 by B and Rs 5,000 by C. During the year they drew Rs. Question 24. On 31st March, 2018 the firm was dissolved. Question 50. 75,000. 4,00,000 through a broker who charged 2% commission. 86,300; Total of Bank A/c Rs. 10,000 were to be paid by him at this figure. (ii) Furniture was sold at 25% of book value. 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 expenses were paid by him. (iv) Workmen Compensation Reserve stood at Rs. DK Goel Solutions Class 11 Accounts subject is provided here. On 31.12.2018 their Balance Sheet was as follows: On this date the firm was dissolved. 4.) Bills payable were paid in full, while creditors were settled at 2% discount. The assets realised Rs. 18,000; and Accounts Receivable at Rs. 28,800 (being 10% less than book value). 10,000. 14,000 who were paid Rs. 80,000 and Rs. Their Balance Sheet showed the following position on the date of dissolution : Question 8. The creditors of Rs. 40,000. Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3:2. 6,000 by auction and auctioneer's commission amounted to Rs. 600. (2) Furniture is taken over by Question for Rs. Stock realised Rs. 5,00.000 and provision for doubtful debts appeared at Rs. 3,00,000; Rs. A, B and C were partners in a firm sharing profits in the ratio of 5:3:2. Actual realisation expenses Rs. 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