Question 01 Chapter 7 of +2-A
Table of Contents
1. Pass Journal entries in the following cases? a Expenses of realization 1,500. b Expenses of realisation 600 but paid by Mohan, a partner. c Mohan, one of the partners of the firm, was asked to look into the dissolution of the firm for which he was allowed a commission of 2,000. d Motor car of book value 50,000 taken over by creditors of the book value of 40,000 in full settlement.
The solution of Question 01 Chapter 7 of +2-A: –
| Date | Particulars |
L.F. | Debit | Credit | |
| a | Realization A/c | Dr. | 1,500 | ||
| To Cash A/c | 1,500 | ||||
| (Being Realization expenses paid) | |||||
| b | Realization A/c | Dr. | 600 | ||
| To Mohan’s Capital A/c | 600 | ||||
| (Being Realization expenses paid by Mohan) | |||||
| c | Realization A/c | Dr. | 1,500 | ||
| To Mohan’s capital A/c | 1,500 | ||||
| (Being Commission allowed to Mohan and is the solution of the firm) | |||||
| d | No entry No journal entry is passed because both motor car and creditors accounts have already been transferred to Realization Account and nothing is recovered or paid in terms of Cash and Bank | ||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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