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Question

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.

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Solution

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

7,500

To Alok’s Capital A/c

7,500

(Remuneration allowed to Alok)

Alok’s capital A/c

Dr.

10,000

To Bank A/c

10,000

(Expenses paid by the firm on behalf of Alok)

Alternatively, only one single entry can also be passed instead of above two entries.

Realisation A/c

Dr.

7,500

Alok’s Capital A/c

Dr.

2,500

To Bank A/c

10,000

(Realisation expenses paid)

(b)

Realisation A/c

Dr.

5,000

To Ravinder’s Capital A/c

3,000

To Bank A/c

2,000

(Realisation expenses paid)

(c)

Realisation A/c

Dr.

10,000

To Amit’s Capital A/c

10,000

(Realisation expenses paid by Amit on behalf of the firm)


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