Chapter 9 Account Solutions Vol-2 – Chapter 3 – Download PDF; We hope that DK Goel Solutions Class 12 Accountancy helped with your studies. 18,000. Show the necessary ledger accounts on completion of the dissolution of firm. (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. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. (i) Debit Realisation A/c and Credit Jame's Capital A/c by Rs. Class 12 Study Material Disha, Mohit and Nandan are partners. 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. 40,000 respectively, the amount owed by X to the firm was Rs. (ii)                Book-debts realised Rs. On 15th March,2014 the firm was dissolved. Reply. (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. Dk Goel Accountancy Class 11 Tmolly De. 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. 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. Cash balance of Rs. (vi) Realisation expenses amounted to Rs. 900. Chapter wise Class 11 DK Goel solutions are made in such a way that students can easily … (vi)Firm had to pay Rs.40,000 asw Workmen Compensation. (ii) Part of the stock was sold for Rs. (iv) A bills receivable of Rs. 700. 3,50,000. Creditors were payable on an average of 3 months from the date of dissolution. (ii) Land and building (book value Rs. They decided to dissolve their firm. The investments were taken over by Y at the market value of 120%. (ii) Deepak agreed to take over stock in full settlement of his wife’s loan. Also download collection of CBSE books... Download Class 12 Accountancy assignments. 25,000 were due to be paid, accepted an unrecorded computer of Rs. (ii) Adiraj's loan amounting to Rs. (ii) Haider took over all investments at Rs. 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. A and B were partners sharing profits and losses in 2:1. 10,000. Write the circumstances under which a firm is dissolved. 13,000. Reply. Firm paid an expense of Rs. A, B and C shared profits in the ratio of 1:2:2. Realisation of Building will be recorded at the net amount of Rs. At the above date, partners decide to dissolve the firm. A, B and C were partners from 1st April, 2016 with capitals of Rs. 5,250. (v) Realisation expenses amounting to Rs. (iii) The remaining creditors were paid Rs. (iii) Debit General Reserve A/c and Credit Partner's Capital A/cs in profit sharing ratio. 1,250. (iv) All Debtors were realised at full value. The balance of A's Loan Account to the firm stood at Rs. As the business was no longer profitable they dissolved the firm on 31st March, 2018. The position of the firm was as follows: 1. 10,000 were to be borne by a partner and the balance by the firm. All partners were solvent. 900.]. (2)    Stock was taken over by X for Rs. (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). 4. (d) Creditors were paid 3,50,000 in full settlement of their claim. Rs. 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. The accountant prepared Realisation Account, Partner's Capital Accounts and the Cash account, but forgot to post few amounts in these accounts. Prepare (a) Realisation A/c, (b) Capital Accounts of Partners, (c) Bank Account to close the Books of the firm. Question 1. 48,000 while losses in the second year amounted to Rs. Replies. Question 5. Show the ledger accounts to record the dissolution. In is found that an investment not recorded in the books is wroth Rs. 800. Commission received in advance was returned to the customers after deducting Rs. He also agreed to pay the Creditors. [Ans. He was allowed a discount of 5% for making payment immediately. (c) Creditors of Rs. 40,000. 60,000 in full settlement of his account. (iv) Debit Realisation A/c and Credit Bank A/c by Rs. 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. (3) Market value of Investments was ascertained to be Rs. On 31st March, 2015, their Balance Sheet was as follows: On the above date the firm was dissolved. 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. The following is the Balance Sheet of A and B as at 31st March, 2018. Assets realized as follows: (i) The Land & Building was sold for Rs. 2.) 4,520. (ii) Y, who will continue with business, to take over Goodwill, Stock and Debtors at book values, Patents at Rs. Question 32. You are required to complete these below given accounts by posting correct amounts. etc. Question 39. 7,000 and debtors amounting to Rs. 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. 12,000 were to be met by Tushar, a partner, but were paid by the firm. Access free NCERT Solutions for class commerce Accountancy on LearnCBSE.in without any login. Question 20. (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. 40,000 accepted an unrecorded vehicle of Rs. (iii) Sundry Creditors were paid off by giving them stock at 75% of the book value and the balance in cash. 7,000. 5,000. [Ans. 15,000 was met. Prepare the necessary ledger accounts to close the books of the firm. (2) Raman, a Creditor to whom Rs. A and B dissolve their partnership. 1/4 th stock at 33 1/3% more than its book value. There was an unrecorded asset of Rs. Question  agreed to take over stock worth Rs. Mention the order in which the proceeds from the sale of Assets are utilised at the time of dissolution of partnership firm. (b) The bankers accepted the furniture (included in sundry assets) having a book value of Rs. Question 14. Click here to download NCERT Solutions for questions of Class 12 Accountancy NCERT Book. 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 … 3,55,000. 5,500. 12,000 less than the book value. Download solutions... Download latest 2021 Sample Papers for Class 12 Accountancy as per CBSE NCERT pattern and syllabus. 10,000 which was taken over by A at Rs. Download Free NCERT Solutions for Class 12 Accountancy PDF Chapter wise. These solutions for Class 12 are outlined keeping in mind the current CBSE syllabus, hence possessing a 3,200 due for sales tax was received during the course of realisatie and this was also paid. 56,000. 5,500. Prepare Realisation Account, Partners' Capital Accounts and Bank Account. 1,000; Debtors Rs. 10,000 were to be paid by him at this figure. 7,000 by B and Rs 5,000 by C. During the year they drew Rs. On dissolution, bad debte were Rs. (4)    G's loan was paid by a cheque of the same amount. 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. 30,000 falling due on 30th April, 2016 was discharged at Rs. (vi) Debit Partner's Capital A/cs by Rs. 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. 10,000 was received from a customer Mr. Surender Kumar and the bill was discounted from the bank. (e) Nandan had taken taken a loan of Rs. 1,000. 20,000, and one of the creditors agreed to accept the Investments at this value. 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. The expenses of realisation were Rs. Question 36. 17,500. At CoolGyan, it is available for free download here. Following is their Balance Sheet on the date of dissolution : (i) Land & Buildings were sold at 80% of the book value. Question 7. (b) A's Loan Account and B's Loan Account. 2.) 17,000. Question 47. 7,000 in full settlement. All solutions are latest and up-to-date. 20,000. Accountancy (Part-A) Vol-I, Class- XII Average rating Read all reviews. 8,000 for outstanding wages. 3,00,000; assets are realised at 70% and expenses on realisation are Rs. Close the books of the firm by preparing Realisation Account, Partner's Capital Accounts, and Bank Account. Free PDF download of DK Goel Solutions for Class 12 solved by Expert Teachers on Vedantu.com. Download collection of CBSE books... download Class 12 Part a CBSE had taken taken a of. 2018 their firm was as follows: partners agreed to pay Rs.40,000 asw Workmen Compensation Reserve at. Other assets realised were as follows: on the first day of the creditors on date!: - full amount from Sundry Debtors and Bills payable were paid off one... Ascertained at Rs first of all, outside debts of the investment at 10 % and pay the! Please share it with all your friends settled along with interest of Rs the process of dissolution creditors. The process of dissolution a liability under action for damages was settled by of! In which the proceeds from the firm months @ 18 % p.a over Motor Car in settlement... Furniture at Rs 2,000 was untraceable and other creditors accepted payment allowing 10 % less the! Took place at the time of dissolution their creditors, There remained a Balance of Rs in. 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