Question 02 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 02 Chapter 7 of +2-A

Question 02 Chapter 7 of +2-A

2. Pass Journal entries for the following:
a Realisation expenses of 15,000 were to be met by Rahul, a partner, but were paid by the firm.
b Ramesh, a partner, was paid remuneration of 25,000 and he was to meet all expenses.
c Anuj, a partner, was paid remuneration of 20,000 and he was to meet all expenses. Firm paid an expense of 5,000.

 

The solution of Question 02 Chapter 7 of +2-A: –

 

Date Particulars
L.F. Debit Credit
a Rahul’s Capital A/c Dr.   15,000  
  To Cash A/c       15,000
  (Being Realization Expenses paid by Rahul)      
b Realization A/c Dr.   25,000  
  To Ramesh’s Capital A/c       25,000
  (Being Remuneration allowed to Ramesh on account of taking responsibility of dissolution)        
c Realization A/c Dr.   20,000  
  To Anuj’s Capital A/c       20,000
  (Being Remuneration allowed to Anu)        
  Anuj’s Capital A/c Dr.   5,000  
  To Bank A/c       5,000
  (Being Realisation expenses paid by the firm on behalf of Anu)        

 

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)

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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2 Book 1 min - Question 02 Chapter 7 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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