16,800 and in the course of dissolution a contingent liability of Rs. 20,000. Question 19. 2.) A, B and C shared profits in the ratio of 1:2:2. 40,000. You are required to show the Realisation Account, Capital Accounts and Bank Account. Hint. They agreed to dissolve the firm. Question 44. Show the final adjustments of cash between partners. The assets were realised and the liabilities were paid as under: (a) Vinit promised to pay off Mrs. Vinit's Loan and took away stock at 20% discount. Their Balance Sheet as at 31st March, 2018 was as follows: Partners decide to dissolve the firm on the above date. 17,000 and furniture was sold to K for Rs. side of Capital Accounts. (ii) Profit and Loss A/c was showing a debit balance of Rs. Free PDF of DK Goel Solutions Class 12 Accountancy chapterwise Solutions prepared by Subject Experts on Vedantu.com. A, B and C were partners in a firm sharing profits & losses in the ratio of 2:2:1. (5) Furniture of 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. (vi) There were 100 shares of Rs. On 31st March, 2018 the firm was dissolved. Clarify the difference between dissolution of a firm and dissolution of partnership. 10,000. Question 3. 67,000. 90,000 as compensation to workers. (iv) When realisation expenses are to be borne by the partner and the expenses are paid by the firm: (Being Realisation expenses paid on behalf of the partner). It was agreed that Sharma will look after the dissolution work and will be paid Rs. They dissolved the partnership and appointed A to realise the assets. (f) Realisation Expenses amounted to Rs. One click PDF Download Sanjay and Sameer were partners in a firm sharing profits in the ratio of 2:3. 49,000; Cash brought in by A Rs. 10,000 were paid by a partner. 60,000. On 31st March, 2018 the firm was dissolved. P, Q  and R were partners in a firm sharing profits in the ratio of 1: 2: 2. Angad, Raman and Harshit were partners in a firm. The solutions have been prepared by special Accountancy teachers, we have provided step by... Download Printable Worksheets, test papers for Class 12 Accountancy with questions answers for all topics and chapters as per CBSE, NCERT, KVS syllabus, Role of Word Limit in Written CBSE Examination, What to do Post Receipt of Question Paper in the Board Examination, How to Effectively Answer CBSE Board Examination Question Papers, BRICS International Online Mathematics Competition, Digital Marks Sheets Migration Certificates and Pass Certificates. 12,000 in full settlement of his account and debtors of Rs. On discharging the Creditors on the date of dissolution, they allowed a discount of 5%. (iv) Sundry Debtors realised at 75% and plant realised 20% less. 1,250. (d) Only 80% of the debtors paid their dues. (vi)Firm had to pay Rs.40,000 asw Workmen Compensation. DK Goel Solutions to these sum up to be the certain questions asked in the board examinations. When a partner, other than the partner filing a suit, is guilty of misconduct that may harm the partnership. Yogesh took away the same for 4,000. (3)    Land and Building was sold for Rs. 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. Approx. First of all, outside debts of the firm will be paid. (iii) A machinery which was not recorded in the books was sold for Rs. 15,000 were paid at a discount of 3% Expenses incurred on realisation were Rs. Prepare Realisation Account, Partners' Capital Accounts and Bank Account. Class 12 NCERT Accountancy Books are created by the best professors who are experts in Accountancy and have good knowledge in the subject. Question 12. On 31.3.2018 their Balance Sheet was as follows: (i) Sanjay agreed to take over land and building at Rs. The intend of this article is to share the best ways to answer the CBSE Board Examination. 12,000. 40,000 respectively, the amount owed by X to the firm was Rs. 1.) Solutions Dk Goel Accountancy Class 12 Solutions Right here, we have countless book dk goel accountancy class 12 solutions and collections to check out. (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). They carried on business for two years. Following is the Balance Sheet of Vinit and Yogesh as at 31st March, 2015: The firm was dissolved on 31st March, 2015. Show the necessary ledger accounts on completion of the dissolution of firm. 20,000. (b) Geta took over the goodwill for her own business at Rs. 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. The various assets were realised and liabilities were settled as under: (i) Garima agreed to pay her husband's loan. 5,000. 1,700 by B and Rs. 9,000 and Rs. Unknown 8 September 2020 at 21:58. plzz give more anshwers for students study. (ii) Furniture was sold at 25% of book value. 2,000 were paid by Vinit. Another creditor of Rs. Solution  3          A ‘Realisation Account’ is opened for disposing of all the assets of the firm and making payment to all the creditors. Expenses of realisation amounted to Rs. 30,000. 14,000 who were paid Rs. (c) Total creditors of the firm were Rs. 18,000 out of his private funds, who was responsible to bear all the realisation expenses. Arun was appointed to realise the assets. Land & Buildings were sold at Rs. 18,000.]. 30,000. These solved 36,000 and this was taken over by P and Question  equally. Grewal's Solutions for all books for CBSE Class 12. X, Y and Z are in partnership, sharing profits and losses equally. 19,000. 1,20,000 were due to creditors. One quarter's tax amounting to Rs. 5,000. (ii) Accrued interest was not collected whereas there was a contingent liability of Rs. Assets realised Rs. The expenses were paid by him. Access free NCERT Solutions for class commerce Accountancy on LearnCBSE.in without any login. (e) Nandan had taken taken a loan of Rs. The assets realised Rs. Question 14. A & B both were solvent. Remaining Stock at 20% more than the book value. (ii) Part of the stock was sold for Rs. (a) Debit Realisation A/c and Credit Sharma's Capital A/c by 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. 88,500. (d) Debit Partners Capital A/cs respectively by Rs. Remuneration The stock had already been transferred to Realisation Account. 43 500. 12,000 were to be met by Tushar, a partner, but were paid by the firm. 22,000 being Rs. Your email address will not be published. 7,000 and debtors amounting to Rs. 25,000 the creditors amounted to Rs. 1,860. etc. 18,000; Furniture Rs. Realisation expenses amounted to Rs. 2,000 whereas its expected value was Rs. 40,000. On 15th March,2014 the firm was dissolved. 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 58. 1,00,000 and liability in respect of it was ascertained at Rs. However, the expenses were to be borne by partner X for which he was to be given a commission of 5% on net cash realised on dissolution. You are given the following information about dissolution: (a) Office Equipment was accepted by a creditor for Rs. Prepare the necessary ledger accounts to close the books of the firm. On that date the Capital Accounts of P and Q  showed credit balances of Rs. 4,000. 4,500 and Credit Realisation A/c by Rs. (b) Stock of Rs. NCERT Solutions for Class 12 Accountancy Chapter 2 Accounting for Partnership : Basic Concepts. 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. 1. 25,000. After the transfer of assets (other than cash in hand and at bank) and third party liabilities to the Realisation Account, the following information was provided : (i) Furniture of Rs. Dk Goel Accountancy Class 11 Tmolly De. 5,000 more, Sundry Debtors and Bills Receivable at book values. 50,000 had to pay the amount due 3 months after the date dissolution. 10,000. A is to receive 6% commission on the amount realised from Stock, Debtors, B/R and Shares. Mehta and Menon were partners in a firm, sharing profit and losses in the ratio of 7:3. Remaining creditors were paid off at a discount of 10%. (iii) Typewriters were taken over by A for an agreed valuation of Rs. (c) Building was taken over by Rashi at Rs. LearnCBSE.in provided chapter wise detailed solution to the question of the NCERT (National Council of Educational Research and Training ) textbooks. (f) There was an old furniture which has been written off completely from the books. 2,000. The partners decided to dissolve the firm on and from the date of the Balance Sheet Motor Vehicles and Stock were sold for cash at Rs. 13,200 The assets realised Rs. Also show the Bank Account.’. 30,000. Extra Class gives students Free access of DK Goel (2019) questions and their solutions. He is to receive 5% of the amounts realised from Debtors, Stock and Machinery, and is to bear all expenses of realisation. 32,000 and the amount owed by the firm to Y was Rs. (v) Land & Buildings were sold at a loss of 20%. (i) The transfer of loss to the Capital accounts of the partners, and. 90,000. 2,000) of the realised Rs. Workmen Compensation Reserve amounting to Rs. 17,500. 2,000. Question 55. (ii) Furniture was sold for Rs. In the first year ending on 31st March, 2018, a loss of Rs. The firm was dissolved on 30th June, 2018 and the following arrangements were decided upon : (a) X agreed to pay off his brother's loan; (c) Y took over all the investments at Rs. 7,000 in full settlements. Question 29. The remaining debtors realise 50% of book value. Expenses of realisation amounted to Rs. Anurag and Prem were partners sharing profits and losses in 2 : 1. 20,000 (being 25% more than the book value). 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 Following is their Balance Sheet on the date of dissolution : (i) Land & Buildings were sold at 80% of the book value. Remaining assets realised Rs. These were paid at a discount of 2%. (b) Yogesh took away 90% of the investment at 10% discount. High Order... Access latest VBQ, Value Based Questions for Class 12 Accountancy as per CBSE and NCERT syllabus. Thereafter the balance of Partners Capital Account will be returned. Question 23. 8,000. 13,000. 2,100. The company offered for public subscription all the shares. In is found that an investment not recorded in the books is wroth Rs. CBSE Class 12 Accountancy Double Entry Book Keeping 2020 solutions are outlined and solved by the experts at BYJU’S. The profit sharing ratio of the partners are 3 : 2. 45,000. 46,000. Question 15. (iii) Creditors were paid at 2% discount and Bank Loan was discharged along with interest due for six months @ 10% p.a. 1,00,000 and liability in respect of it was ascertained at 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. 20,000 at Rs. Furniture was taken over by Fox at Rs. Other fixed assets realised Rs. On that date A's Capital was Rs. 20,000 for dissolution work Realisation expenses of Rs. The following  is the Balance Sheet of A and B as at 31st March, 2018: 1. 40,000. These were settled for Rs. (iv) Sundry creditors Rs. 20,000, and one of the creditors agreed to accept the Investments at this value. 5,500. NCERT Class 12 Accountancy Books in English PDF Download. They decide to dissolve the partnership firm. (i) Debit Realisation A/c and Credit Jame's Capital A/c by Rs. 1,000; Debit Bank A/c and Credit Realisation A/c by Rs. 4,600. (iv) Debit Realisation A/c and Credit Bank A/c by Rs. 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. You are required to prepare Realisation Account, Bank Account and Accounts of the Partners. 25,000 as compensation. The expenses of realisation amount to Rs. 2,000. Question 34. (ii) Expenses of realisation Rs. 4,000. (iii)There will be no entry of Sundry Creditors taking over the investments. 1,00,000 and the remaining debtors were realised at 10% discount. 3,50,000 by paying cash. 42,000 respectively. (4) There was a Contingent liability in respect of bill discounted but not matured Rs. Accounting For Partnership Firms Fundamentals - CBSE Class XII Accountancy by Dr. Balbir Singh - Duration: 45:22. X and Y shared profits in the ratio of 4: 1. 800. After paying up their creditors, there remained a balance of Rs. DK Goel Solutions Class 11 Accounts subject is provided here. 70,000 was taken by Disha at a discount of 30%. Log in. Solution  1          Below are the circumstances under which a firm is dissolved:-. (iii) Workmen Compensation Reserve stood at Rs. (iv) Debit Realisation A/c and Credit Bank A/c by Rs. 36,000 and Machinery realised Rs. Reply Delete. (vi) Realization expenses amounted to Rs. 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. (iii) Other assets realised: Plant : Rs. On dissolution, bad debte were Rs. (v) A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for Rs. The DK Goel Accountancy Solutions for class 12 including both Volume 1 & Volume 2 have been provided here for the students to understand the concept well & score better marks in the exam. 1,20,000. 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. Creditors on that day were Rs. 15,000. 35,000; Sundry Debtors at 10% less than book value. 20,000. Question 50. 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. Cash realised from assets was Rs. (i) Srijan was appointed to realise the assets and discharge the liabilities. (f) Bank Loan was settled along with interest of Rs. Prepare Journal entries and Ledger accounts. 9,000 in full settlement of his claim. (3) A B/R for Rs. (vi) Expenses of realisation amounting to Rs. They a to dissolve the partnership on 31st March, 2018, at which date the Balance Sheet of the firm was as follows: Premises 20% more; Machinery 40% less; Stock Rs. Prepare the Realisation Account and Partners' Capital Accounts. Hema and Garima were partners in a firm sharing profits in the rain 3:2. Mala Neela and Kala were partners sharing profits in the ratio of 3:2:1. (iv) Sundry Creditors amounted to Rs. Question 57. 20,000; Bills Receivable Rs. Expenses of realisation amount to Rs. Prepare Realisation Account, Capital Accounts and Bank Account. P and Q  were partners in a firm sharing profits and losses equally. (v) Profit and Loss Account showed a debit balance of Rs. During the course of dissolution a liability under action for damages was settled at Rs. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. P, Q , and R were partners in a firm sharing profits in the ratio of 1:2:2. 10,000. (ii) Firm had to pay Rs. 40,000 and the Stock and Sundry Debtors realised Rs. 3,55,000. 5,000, B taking up furniture at Rs. Question 1. 20,000 paid Rs. (v) Debit Realisation A/c and Credit Bank A/c by Rs. They decided to dissolve the firm on 31st March, 2018. Some of the special features of the book are : Show the ledger accounts to record the dissolution. (4)    G's loan was paid by a cheque of the same amount. 3,000 were to be borne by the firm and the balance by Dhrupad. 20,000, Building – Rs. A, B and C were partners from 1st April, 2016 with capitals of Rs. 3,02,000. 20,000. (3)    Creditors were paid off at a discount of 5%. (iv) The firm had to pay 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. 2. It was settled for Rs. Y agreed to take over the Book Debts at a discount of 20% and pay off the Creditors. 20,000. (5)    Compensation to workmen paid by the firm amounted to Rs. It becomes effortless to prepare for the exams and score good marks as it highlights all the necessary concepts. 3,00,000. Question 60. Debtors were all good; Stock realised Rs. 3,800; Furniture Rs. 5.) Question 30. Question 54. 900.]. 12,000. [PDF] Dk Goel Accountancy Class 12 Solutions Pdf Recognizing the habit ways to get this ebook dk goel accountancy class 12 solutions pdf is additionally useful. Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3:2. (d) Dissolution expenses amounted to Rs. Bills payable were paid in full, while creditors were settled at 2% discount. 12,000 was recovered from a debtor which was written off as Bad debts last year. Question 4. (b) Debit Realisation A/c and Credit Bank A/c by Rs. B took a machine at the agreed valuation of Rs. X and Y are partners. (d) Creditors were paid 3,50,000 in full settlement of their claim. (iv) The shares in B Co. Ltd. to be divided in profit sharing ratio. 2,00,000; Creditors were paid at a discount of 10% and the expenses of dissolution were Rs. This liability was not provided for in the above Balance Sheet Rs. Firm paid an expense of Rs. Question 46. (iv) There will be no entry of Prem taking over furniture as his remuneration. Question 53. 30,000 falling due on 30th April, 2016 was discharged at Rs. Stock was valued at Rs. Mention the order in which the proceeds from the sale of Assets are utilised at the time of dissolution of partnership firm. 2,000. The following is the Balance Sheet of X and Y as at 30th June, 2018. 4,00,000. (vi) Question  a partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs. 1,900 by A Rs. 2,000 was untraceable and other creditors accepted payment allowing 10% discount. Click here to download NCERT Solutions for questions of Class 12 Accountancy NCERT Book. 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. Question 43. Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March, 2016 : They decided to dissolve the firm. Question 45. 38,000. (1) Assets, with the exception of investments and Cash, are sold for Rs. 30,000 will be transferred to the Cr. (vi) Realisation expenses amounted to Rs. Half the shares were sold in the market and the balance half were taken over by P and Question  in their profit sharing ratio. Raman took over 50% of the stock at 10% discount and remaining stock was sold at 40% profit on book value. The assets (other than cash of Rs. Manoj and Nand were partners sharing profits in the ratio of 3 : 2. 50,000, Goodwill – Rs. (ii) Deepak agreed to take over stock in full settlement of his wife’s loan. 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. For this service X is paid Rs. Stock realised Rs. 20,000 as against Rs. 1,25,100. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. The dissolution resulted in a loss of 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. 2,000. These shares are valued at Rs. (g) Realisation expenses Rs. (ii) Debit Y's Capital A/c and Credit Bank A/c by Rs. Aryabhata Ganit Challenge (AGC) has been initiated by the CBSE Board to enhance mathematical abilities among students in the year 2019. 800. 5 each. At the time of dissolution A's capital was Rs. Question 40. 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. (v) Realisation expenses amounted to Rs. Question 21. DK Goel Accountancy Class 12 is contemplated to be the most helpful study resource for the students pursuing their Class 12. 2,000 and were taken over by A. Problems Amp Solutions In Accountancy Class 12 Part A Cbse. (v) Creditors are paid off at a discount od 10%. Practice test sheets for Class 12 for Accountancy made for important topics in NCERT book 2020 2021 available for... Download syllabus for Class 12 Accountancy issued by CBSE and NCERT for 2021. 17th Edition ₹495. 9 each and divided among the partners in their profit sharing ratio. Pritam agreed to pay his wife's loan Naresh agreed to pay outstanding rent. 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. Prepare (a) Realisation A/c, (b) Capital Accounts of Partners, (c) Bank Account to close the Books of the firm. 20,000 and other assets proved valueless. 1,800, which is not insluded in Rs. 1,400 By C. On 31st March, 2018, they dissolved their firm, A taking up stock at an agreed valuation of Rs. (iii) There was an unrecorded asset of Rs. (iii) Out of the stock of 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. 1,000. On 1st April, 2018, the Balance Sheet of the firm was as follows: The firm was dissolved on the date given above. 4,877 and Office Fixtures at a depreciation of 10%. All solutions are latest and up-to-date. You are required to prepare the Realization Account, Read the latest news and announcements from NCERT and CBSE below. Question 63. Write the circumstances under which a firm is dissolved.Solution 1 Below are the circumstances under which a firm is dissolved:-1.) Rs. 40,000 accepted an unrecorded vehicle of Rs. 5,000 only provided for in the books of the firm. 57,500 in full settlement. He also agrees to discharge the Bank Loan. And liability in respect of it was ascertained at Rs firm sharing profits and in! 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