Question 03 Chapter 7 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 03 Chapter 7 of +2-A

Question 03 Chapter 7 of +2-A

3. Pass Journal entries for the following:
a Realisation expenses amounted to 10,000 were paid by the firm on behalf of Alok, a partner, with whom it was agreed at 7,500.
b Realisation expenses amounted to 5,000. It was agreed that the firm will pay 2,000 and balance by Ravinder, a partner.
c Dissolution expenses amounted to 10,000 were paid by Amit, a partner, on behalf of the firm.

 

The solution of Question 03 Chapter 7 of +2-A: –

 

Date Particulars
L.F. Debit Credit
a Realization A/c Dr.   7,500  
  Alok’s capital A/c Dr.   2,500  
  To Bank A/c       10,000
  (Being Expenses paid by the firm on behalf of Alok)      
b Realization A/c Dr.   20,000  
  To Ravinder’s Capital A/c       10,000
  To Bank A/c       10,000
  (Being Realization expenses paid)        
c Realization A/c Dr.   5,000  
  To Amit’s Capital A/c       5,000

 

 

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 03 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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