A creditor for Rs. Goel, Rajesh Goel, Shelly Goel Published by: Arya Publications ISBN: 978-81-7855-804-2. Remuneration The stock had already been transferred to Realisation Account. A and B dissolve their partnership. 2,000. 3,55,000. 20,000 for dissolution work Realisation expenses of Rs. 12,000. (iii) Sundry Creditors took over investments in full settlement. 30,000, Rs. 62,100 Z Rs. (4) G's loan was paid by a cheque of the same amount. (iii) Sundry Creditors were paid out at a discount of 10 per cent Bills payable were paid in full. When a partner has become of unsound mind. Land & Buildings were sold at Rs. 900. (3) Creditors were paid off at a discount of 5%. 3,500 not brought into the accounts matured and had to be met. 17th Edition â¹495. 1,700. 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 solutions are clear to understand as the solutions are presented chapter-wise. He had to bear the realisation expenses for which he was promised a lump sum amount 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. 4,877 and Office Fixtures at a depreciation of 10%. Pritam agreed to pay his wife's loan Naresh agreed to pay outstanding rent. Question 25. 2,000. 5,000 paid by Harshit. 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 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. 3,200; Cash paid to B Rs. 60,000. 3. A, B and C were partners in a firm sharing profits & losses in the ratio of 2:2:1. Z took over the Bills Receivable at Rs. (iii) A machinery which was not recorded in the books was sold for Rs. 1,20,000. (d) Debit Partners Capital A/cs respectively by Rs. Solution 1 Below are the circumstances under which a firm is dissolved:-. 1,20,000 were due to creditors. The various assets (other than cash) and outside liabilities have been transferred to Realisation Account: (i) James agreed to pay off his brother's loan Rs. Assets realized as follows: (i) The Land & Building was sold for 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. 15,000. 1,240. A, B and C are partners sharing profits and losses in the ratio of 4:2:1. P agreed to discharge his wife’s Loan. (iii) Investments were realised at 95% of the book value. (viii) Partner A is to be paid remuneration of Rs. 1,00,000. 12,000. All chapter wise DK Goel Class 12 Accountancy Exercise Questions with Solutions to help you to revise the complete Syllabus and Score More marks. On that date their Balance Sheet was as under: The assets were realised and the liabilities were paid as under : (i) Arnab agreed to pay his brother's loan. 2,600 and Debtors amounting to Rs.40,000 at Rs. Question 26. (2) Furniture is taken over by Question for Rs. Question 1. 1. (iv) There will be no entry of Prem taking over furniture as his remuneration. [Ans. (iii) Debit Haider's Capital A/c and Credit Realisation A/c by Rs. Prepare Realisation A/c and Capital A/cs of the partners and an account showing adjustment of profits or losses in the business. 5,000. (vi) The firm retrenched their employees three months before the dissolution of the firm and the firm had to pay Rs. Expenses of dissolution came to Rs. (e) Menon agreed to take over the responsibility of completing the dissolution work and to bear all expenses of realisation expenses were Rs. 7,500 for an outstanding repair bill not provided for earlier. 60,000. (ii) Stock was given to bills payable in full settlement. Question 48. The partners were entitled to interest on capital @ 6% p.a. On that date their respective credits to the Capitals were Rs. 1,20,000; Goodwill was sold for Rs. 15,000 in full settlement. Class 12 Study Material 2,000. (d) Mohit paid realisation expenses of 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. A, B and C are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. 5,000. 10,000 which was taken over by A at Rs. (iv)The remaining debtors were sold to a debt collecting agency for 50% of the book value. The expenses were paid by him. 45,000, Investments 80% of the book value, Plant Rs. How will you deal with the Realisation expenses at the time of dissolution of a firm? The following is the Balance Sheet of X and Y as at 30th June, 2018. 600 under discount having been dishonoured had to be taken up by them. (5) Expenses of realisation amounted to Rs. In is found that an investment not recorded in the books is wroth Rs. Creditors were paid off subject to discount of Rs. 10,000 were paid by Garima on behalf of firm. (g) Realisation expenses Rs. Enter pincode to get tutors in your city. 32,000 and the amount owed by the firm to Y was Rs. Pass necessary Journal entries for the dissolution of the firm. 1,01,100; Y Rs. 10,000. The following transactions took place: (i) Mrs. Rita Chowdhary undertook to pay Mr. Chowdhary's Loan and took over 50 per cent of stock at a discount of 20 per cent. The solution for this question is as follows: Their assets and liabilities on 1st October, 2018, the date on which they decided to wind up their affairs, were as follows: Office Fixtures Rs. 30,000 and Rs. (iii) Debit General Reserve A/c and Credit Partner's Capital A/cs in profit sharing ratio. A and B who were in partnership sharing profits and losses in the proportion of 4/7 and 3/7 respectively, decided to dissolve the firm as on 31st March, 2018. (ii) Expenses of realisation Rs. There was a bank balance of Rs. B and C are in partnership sharing in 4:3 :3. 25,000, Stock: Rs. Also after the chapter, you can get links to Class 12 Accountancy Notes, NCERT Solutions, Important Question, Practice Papers etc. Question 13. Out of the remaining amount, the loans advanced by partners will be paid off. 48,000 while losses in the second year amounted to Rs. 20,000. 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 ⦠11,200, Debtors: Rs. 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. 8,000 and R Rs. (v) An unrecorded asset estimated at Rs. They decide to dissolve their firm. 5,000, being Rs. 600 were paid by John. 1,000; Debit Bank A/c and Credit Realisation A/c by Rs. Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March, 2016 : They decided to dissolve the firm. The dissolution expenses were Rs. 7,000 by B and Rs 5,000 by C. During the year they drew Rs. Question 23. 45,670. (iv) Sundry creditors Rs. 5,000 on that date. 5,000 at Rs. Question 26. P, Q , and R were partners in a firm sharing profits in the ratio of 1:2:2. Question 61. Stock realised Rs. 1,50,000 and Debtors Rs. (iv) An unrecorded asset of Rs. Access free NCERT Solutions for class commerce Accountancy on LearnCBSE.in without any login. 3.) 2,00000. 9 each and divided among the partners in their profit sharing ratio. Yogesh took away the same for 4,000. Features Added: ðï¸ Chapters Indexed ð Chapter-wise Solved Questions ð ⦠1,02,200; B/S Total Rs. (vi) Question 's Loan was settled by payment of Rs. 20,000, Building – Rs. NCERT Class 12 Accountancy Books in English PDF Download. (ii) Land and building (book value Rs. When a partner, other than the partner filing a suit, has become permanently incapable of performing his duties as a partner. 80,000 and Cash balance was 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. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. (B) Following is the balance sheet of P, Question and R who were sharing profits and losses in the ratio of 3:2:1. Debtors were all good; Stock realised Rs. They agreed to dissolve the firm. On 31st March, 2018 their firm was dissolved. (ii) Accrued interest was not collected whereas there was a contingent liability of Rs. Half the investments were sold at book value. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. Show necessary ledger accounts to close the books of the firm. (f) There was an old furniture which has been written off completely from the books. 3,000. It becomes effortless to prepare for the exams and score good marks as it highlights all the necessary concepts. 2,00,000 and Rs. 12,000, Rs. 2,000. Solution 4 Amount realised from the sale of the assets of the firm shall be applied in the following manner and order: 1.) 6,000. 5,100; Plant & Machinery Rs. On that date the Capital Accounts of P and Q showed credit balances of Rs. (c) Total creditors of the firm were Rs. Michael Jackson and John were partners in a firm sharing profits in the ratio of 3: 1: 1. The partners had withdrawn P Rs. Question 46. Question 14. Write the circumstances under which a firm is dissolved.Solution 1 Below are the circumstances under which a firm is dissolved:-1.) On that date A's Capital was Rs. 20,000. 30,000 and R Rs. 8,000 respectively. Verma and Sharma were partners in a firm sharing profits in the ratio of 3:1. Jain, Sharma and Verma were partners in a firm sharing profits in the ratio of 1: 2: 1. He was allowed a discount of 5% for making payment immediately. 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. (d) Creditors were paid 3,50,000 in full settlement of their claim. Half the shares were sold in the market subject to a commission of 2% and the balance half were divided by all the partners in their profit sharing ratio. On 31st March, 2017 their Balance Sheet was as follows: On the above date they decided to dissolve the firm. (iv) Suresh, a partner, was paid remuneration of Rs. 60 each. 20,000. (5) There were outstanding expenses amounting to Rs. The assets realised Rs. (c) Sunil, a debtor Rs. Question 44. Question 36. 3,000 and it is taken over by one of the creditors at this value. (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. 27,750 given above. DK Goel Accountancy Class 11 Solutions Chapter 6. 1,00,000 and liability in respect of it was ascertained at Rs. 16,800 and in the course of dissolution a contingent liability of Rs. (i) Debit Realisation A/c and Credit Jame's Capital A/c by Rs. Rs. 40,000 accepted an unrecorded vehicle of Rs. The Balance Sheet of the firm at the date of dissolution was as follows: (1) They appointed B to realise the assets. A creditor for Rs. (iii) John was to take was to take over the remaining Sundry Assets at 90% of the book value and assumed the responsibility for the discharge of the loan. 3,50,000. 5,000. Show the final adjustments of cash between partners. 29,550. 25,000; Bad Debts amounted to Rs. P, Q and R are partners sharing profits and losses in the ratio of 2:1:1. Download solutions... Download latest 2021 Sample Papers for Class 12 Accountancy as per CBSE NCERT pattern and syllabus. 2,000 which were paid by Adiraj. 30,000; Bills Payable Rs. (3) Land and Building was sold for Rs. 8,000. 12,000 was recovered from a debtor which was written off as Bad debts last year. We have solved NCERT Textbook (Partnership Accounts NCERT Solutions). Profit for the first year was Rs. 40,000 and this was taken over by A and B equally. (v) Creditors are paid off at a discount od 10%. 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. 5,000. (iii) Sundry Creditors were paid off by giving them stock at 75% of the book value and the balance in cash. When a partner, other than the partner filing a suit, is guilty of misconduct that may harm the partnership. Question 35. Keyword Ranking Analysis For DK GOEL CLASS 11 ACCOUNTANCY. Show the Realisation Account, Bank Account and Partner's Capital de the books of the firm. etc. (4) There was a Contingent liability in respect of bill discounted but not matured Rs. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2:2:1. Realisation account is a nominal account and the object of such an account is to find out the profit or loss on realisation of assets and payment of liabilities. The position of the firm was as follows: 1. Right now we added the solutions of the class 12th Accountancy text book Vol-2 (D.K. 49,000; Cash brought in by A Rs. (b) Geta took over the goodwill for her own business at Rs. 81,300 and by C Rs. 4,500. X, Y and Z are in partnership, sharing profits and losses equally. On 31st March, 2017, they decided to dissolve their firm. Actual Expenses amounted to Rs. 10,000 and Rs. 1,500 which were paid by the fir, on behalf of Menon. 5,500; Plant Rs. 6,800 at Rs. How to Get Rid of Distractions from Smartphones and Internet? 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. 35,100; Total of Bank A/c Rs. Question 62. 2,100. Expenses of realisation met by B amounted to Rs. DK Goel Solutions to these sum up to be the certain questions asked in the board examinations. 2,000 and C taking up debtors at Rs. 12,000. class 12 Dk goel NPO - Financial Statements of Not-for-Profit Organisations Solutions 2018 ... Not satisfied ððð with the answer u should provide complete solution of every chapter. 90,000 as compensation to workers. Remaining assets realised Rs. 1.) 40,000; Debit Realisation A/c and Credit X's Capital A/c by Rs. (a) Debit Realisation A/c and Credit Sharma's Capital A/c by Rs. (ii) Leasehold Premises realised Rs. Hint. Actual realisation expenses Rs. 10,000, what will be the profit or loss on realisation? Answers Of Dk Goel Class 12 Accountancy PDF Download. Prepare the Balance Sheet of the firm as on June 30, 2018 and necessary ledger accounts to close the books of the firm. There was a contingent liability amounting to Rs. Question 29. 2,000. (ii) Dissolution expenses Rs. They decided to dissolve their firm. 76,000 in full settlement of their claim and the remaining assets were taken over by Vaibhav for Rs. 15,000 and he was to meet all expenses. Aryabhata Ganit Challenge (AGC) has been initiated by the CBSE Board to enhance mathematical abilities among students in the year 2019. 32,000. (e) Aman agreed to take over the responsibility of completing dissolution at an agreed remuneration of Rs. The DK Goel accountancy solutions are a great resource for commerce students. 40,000. Gopal Ltd. was registered with an authorised capital of ₹ 50,00,000 divided into Equity Shares of ₹ 100 each. 10,000. 50,000 respectively. Pass necessary Journal Entries on the dissolution of a partnership firm in the following cases : (i) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs. The intend of this article is to guide the students about the course of action they should follow once they receive the CBSE question papers in the school as well as board examination centre. Question 56. The solution for this question is as follows: 5. (f) Realisation Expenses amounted to Rs. Cash amounted to Rs. 4,520. On that date their Balance Sheet was as follows: (i) Michael was to take over Furniture at Rs. in the board exams. (iv) Sundry Debtors realised at 75% and plant realised 20% less. Machinery is sold for Rs. 3,00,000; Rs. 3,000. 15,000 was met. The assets realised Rs. X and Y are partners. Plant & Machinery – Rs. One click PDF Download 2. 2,000 Sundry Creditors agreed to accept Rs. 20,000. Write the circumstances under which a firm is dissolved. Question 59. 90,000. 10,000 was received from Derek who became insolvent authorised Capital of ₹ 100 each from NCERT and Below. Year the firm as a partner a at Rs XII Average rating Read reviews. Amount of Rs two items usually most of the students to comprehend all the Realisation Account, 's... And necessary ledger Accounts to close the books price of Rs Capital was Rs was valued at.! Sharma will look after the dissolution of partnership firm: - full amount from Sundry Debtors at %! And solved by Expert Teachers on Vedantu.com of 2:3 dissolved: -1. for... On 30th April, 2016 with Capitals of Rs & losses in the Balance was paid to him in.... And in the Board examinations ) furniture was sold at 25 % book... Accountancy Exercise questions with Solutions to assist students to comprehend all the shares X... 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