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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Pass Journal entries for the following: (a) Realisation expenses of ₹10,000 were to be met by Mohan, a partner, but were paid by the firm. (b) Mahesh, a partner, was paid remuneration of ₹25,000, and he was to meet all expenses. (c) Suresh, a partner, was paid remuneration of ₹20,000, and he was to meet all expenses; the firm, however, paid an expense of ₹5,000.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (a) | ||||
| Mohan’s Capital A/c Dr. | 10,000 | |||
| To Bank A/c | 10,000 | |||
| (Expenses that Mohan had agreed to bear personally were paid by the firm, and recovered from him) | ||||
| (b) | ||||
| Realisation A/c Dr. | 25,000 | |||
| To Mahesh’s Capital A/c | 25,000 | |||
| (Fixed remuneration paid to Mahesh, who was to bear all dissolution expenses out of it himself — no further entry is needed for the actual expenses he incurs) | ||||
| (c) | ||||
| Realisation A/c Dr. | 20,000 | |||
| To Suresh’s Capital A/c | 20,000 | |||
| (Fixed remuneration paid to Suresh) | ||||
| Suresh’s Capital A/c Dr. | 5,000 | |||
| To Bank A/c | 5,000 | |||
| (Expense that Suresh had agreed to bear personally, but was paid by the firm, recovered from him) | ||||
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Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "T.S. Grewal Class 12 Chapter 7 Q.6 - Dissolution of a Partnership Firm", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 7 - Dissolution of a Partnership Firm.
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