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Question

Pass Journal entries for the following:
(a) Realisation expenses of ₹ 15,000 were to be met by Rahul, a partner, but were paid by the firm.
(b) Ramesh, a partner, was paid remuneration of ₹ 25,000 and he was to meet all expenses.
(c) Anuj, a partner, was paid remuneration of ₹ 20,000 and he was to meet all expenses. Firm paid an expense of ₹ 5,000.

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Solution

Journal

S.N.

Particulars

L.F.

Debits

Amount

Rs

Credit

Amount

Rs

(a)

Rahul’s Capital A/c

Dr.

15,000

To Cash A/c

(Realisation Expenses paid by Rahul )

15,000

(b)

Realisation A/c

Dr.

25,000

To Ramesh’s Capital A/c

25,000

(Remuneration allowed to Ramesh on account of taking responsibility of dissolution)

(c)

Realisation A/c

Dr.

20,000

To Anuj’s Capital A/c

20,000

( Remuneration allowed to Anuj)

Anuj’s Capital A/c Dr.

5,000

To Bank A/c

5,000

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


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