Question 05 Chapter 7 of +2- Part

Question 05 Chapter 7 of +2-Part-1

5. (Journal Entries) Pass the required journal entry for each of the following cases :

  1. Expenses of realisation of a firm amounted to Rs. 1,200.
  2. Realisation expenses of the firm amounting to Rs. 1,600 paid by A partner.
  3. Realisation expenses were agreed to be borne by Arun a partner personally. Expenses amount to Rs. 1,100.
  4. Z was entrusted with the work of dissolution at a cost of Rs.1,200. Actual amount was Rs. 1,600.

The solution of Question 05 Chapter 7 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
a)Realisation A/cDr. 1,200 
 To cash A/c   1,200
 (Being realisation expenses paid in cash )    
      
b)Realisation A/cDr. 1,600 
 To A’s capital A/c   1,600
 (Being realisation expenses paid by partner)    
      
c)Arun’s capital A/cDr. 1,100 
 To Realisation A/c   1,100
 (Being expenses paid on behalf of Arun)    
      
d)Realisation A/cDr. 1,200 
 To Z’s capital A/c   1,200
 (Being expenses payable)    
     

Comment if you have any questions.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 05 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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