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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Pass Journal entries for the following: (a) The firm agreed to pay Alok ₹7,500 towards dissolution expenses; actual dissolution expenses of ₹10,000 were paid by the firm. (b) Realisation expenses were ₹5,000; it was agreed that the firm would bear ₹2,000 and the balance would be borne by Ravi, a partner. (c) Dissolution expenses of ₹10,000 were paid by Amit, a partner, on behalf of the firm. (d) Realisation expenses up to ₹6,000 were agreed by the firm to be reimbursed to Ajay; actual dissolution expenses were ₹7,000.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (a) | ||||
| Realisation A/c Dr. | 7,500 | |||
| Alok’s Capital A/c Dr. | 2,500 | |||
| To Bank A/c | 10,000 | |||
| (Realisation expenses paid; only the agreed ₹7,500 is charged to Realisation, the excess ₹2,500 borne personally by Alok) | ||||
| (b) | ||||
| Realisation A/c Dr. | 5,000 | |||
| To Ravi’s Capital A/c | 3,000 | |||
| To Bank A/c | 2,000 | |||
| (Realisation expenses of ₹5,000 paid – ₹2,000 by the firm and ₹3,000 by Ravi, credited to his Capital Account) | ||||
| (c) | ||||
| Realisation A/c Dr. | 10,000 | |||
| To Amit’s Capital A/c | 10,000 | |||
| (Dissolution expenses paid by Amit on behalf of the firm) | ||||
| (d) | ||||
| Realisation A/c Dr. | 6,000 | |||
| To Ajay’s Capital A/c | 6,000 | |||
| (Only the ₹6,000 agreed reimbursement is charged to Realisation and credited to Ajay; the excess ₹1,000 of actual expenses is borne by Ajay personally and does not enter the firm’s books) | ||||
Accounting & Commerce Educator
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.7 - 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.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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