Question 02 Chapter 7 of +2-Part-1
2. (Realisation Entries) Journalise the following in the books of firm.
- Realisation expenses met by firm Rs. 800.
- Realisation expenses Rs. 600 paid by partner X.
- Partner Y will get Rs. 6,000 for supervising dissolution and he will bear dissolution expenses from his pocket which amounted to Rs. 1,800.
- Realisation expenses Rs. 1,500 are to be met by partner Z but took out cash from firm pay his expense.
The Content covered in this article:
The solution of Question 02 Chapter 7 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Realisation A/c | Dr. | 800 | ||
| To Bank A/c | 800 | ||||
| (Being expenses met by firm ) | |||||
| b) | Realisation A/c | Dr. | 600 | ||
| To X’s capital A/c | 600 | ||||
| (Being expenses paid by X) | |||||
| c) | Realisation A/c | Dr. | 6,000 | ||
| To Y’s capital A/c | 6,000 | ||||
| (Being expenses payable by Y) | |||||
| d) | Z’s capital A/c | Dr. | 1,500 | ||
| To Realisation A/c | 1,500 | ||||
| (Being expenses paid from firms cash ) | |||||
Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
