Question 05 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

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.	Debit	Credit
a)	Realisation A/c	Dr.		1,200
	To cash A/c				1,200
	(Being realisation expenses paid in cash )
b)	Realisation A/c	Dr.		1,600
	To A’s capital A/c				1,600
	(Being realisation expenses paid by partner)
c)	Arun’s capital A/c	Dr.		1,100
	To Realisation A/c				1,100
	(Being expenses paid on behalf of Arun)
d)	Realisation A/c	Dr.		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

• 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

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