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

Question 05 Chapter 7 of +2- Part

Question 05 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

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

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

2 thoughts on “Question 05 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1”

  1. If partner is going to pay realisation expenses will there be any entry for that? And does
    Realisation A/C dr.
    To partner’s capital A/C
    Means that it will be recorded in only partner capital a/c and not realisation a/c?

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