Question 01 Chapter 7 of +2-A - T.S. Grewal 12 Class Part

Question 01 Chapter 7 of +2-A

Table of Contents

The solution of Question 01 Chapter 7 of +2-A: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

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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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