
Question 05 Chapter 7 of +2-Part-1
5. (Journal Entries) Pass the required journal entry for each of the following cases :
- Expenses of realisation of a firm amounted to Rs. 1,200.
- Realisation expenses of the firm amounting to Rs. 1,600 paid by A partner.
- Realisation expenses were agreed to be borne by Arun a partner personally. Expenses amount to Rs. 1,100.
- 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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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?
yes.
it will be recorded in the both