Question 02 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 7 of +2-Part-1

2. (Realisation Entries) Journalise the following in the books of firm.

1. Realisation expenses met by firm Rs. 800.
2. Realisation expenses Rs. 600 paid by partner X.
3. 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.
4. Realisation expenses Rs. 1,500 are to be met by partner Z but took out cash from firm pay his expense.

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