Pass Journal entries for the following: cases?
(a) Realisation expenses of Rs. 15,000 were to be met by Rahul, a partner, but were paid by the firm.
(b) Ramesh, a partner, was paid remuneration of Rs. 25,000 and he was to meet all expenses.
(c) Anuj, a partner, was paid remuneration of Rs. 2,000 and he was to meet all expenses. Firm paid an expense of Rs. 5,000.

Open in App

Solution

(a) Rahul's Capital A/C...... Dr. 15000
To Bank A/C 15000
(Being expenses borne by firm on behalf of Rahul)

(b) Realisation A/C....... Dr. 25000
To Ramesh's Capital A/C 25000
(Being the remuneration paid to Ramesh for bearing realisation expenses)

(c) Realisation A/C...... Dr. 2000
To Anuj's Capital A/C 2000
(Being the fixed amount of remuneration provided to Anuj to bear realisation expenses)

Suggest Corrections

Similar questions

Q. 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.

Pass journal entries for the following transactions :

(i) Dissolution expenses amounted to Rs. 20,000. Rs. 8,000 were to be borne by the firm and the balance by Maruti, a partner. The expenses were paid by Maruti.

(ii) Sudhir, a partner, was allowed a remuneration of Rs. 10,000 to carry out dissolution of the firm. He was to bear all expenses of realisation which amounted to Rs. 16,000 were paid by the firm.

(iii) Ravi, a partner, is allowed a remuneration of Rs. 15,000 for dissolution work and is to bear all expenses of realisation which amounted to Rs 5,000 were paid by the firm.

(iv) Anil, a partner, is paid remuneration of Rs. 20,000 for dissolution work. Realisation expenses amounted to Rs. 7,500 were paid by the firm.

(v) Vijay, a partner, paid realisation expenses of Rs 10,000 and these were to be borne by him.

Q. Pass Journal entries for the following:
(a) Realisation expenses amounted to Rs. 10,000 were paid on the behalf of Alok, a partner, with whom it was agreed at Rs. 7,500.
(b) Realisation expenses amounted to Rs. 5,000 It was agreed that the firm will pay Rs. 2,000 and balance by Ravinder, a Partner.
(c) Dissolution expenses amounted to Rs. 10,000 were paid by Amit, a partner, on behalf of the firm.

Pass journal entries for the following transactions :

(i) Realisation expenses amounted to Rs. 5,000.

(ii) Realisation expenses amounted to Rs. 8,000 were paid by partner X.

(iii) Realisation expenses amounted to Rs. 10,000 were paid by the firm on behalf of a partner.

(iv) Realisation expenses amounted to Rs. 15,000 were paid by the firm. Mr. X, one of the partners, has to bear these expenses.

(v) Realisation expenses amounted to Rs. 20,000 were paid by the firm. Rs. 8,000 were to be borne by the firm and the balance by Maruti, a partner.

Q. Pass neceisaly Journal. entries on the dissolution of a firm in the fondling cases:
(a) Dharam, a partner, was appointed to Iook after the process of dissolution at a remuneration of Rs. 12,000 and he had to bear the dissolution expenses. Dissolution expenses Rs. 11,000 were paid by Dharam.
(b) Jay, a partner, was appointed to look after the process of dissolution and was allowed a remuneration of Rs. 15,000. Jay agreed to bear dissolution expenses Rs. 16,000 were paid by Vijay another partner on behalf of Jay.
(c) Deepa, a partner, was to look after the process of dissolution and for this work she was allowed a remuneration of Rs. 7,000. deepa agreed to bear dissolution expenses. Actual dissolution expenses Rs. 6,000 were paid from the firm's bank account.
(d) Dev, a partner, agreed to do the work of dissolution for Rs. 7,500. He took away stock of the same amount as his commission. The stock had already been transferred to realisation Account.
(e) Jeev, a partner, agreed to do the work of dissolution for which he was allowed a commission of Rs. 10,000. He agreed to dissolution expenses. Actual dissolution expenses paid by Jeev were Rs. 12,000. These expenses were paid by Jeev by drawing cash from the firm.
(f) A debtor of Rs. 8,000 already transferred to Realisation Account agreed to pay the realisation expenses of Rs. 7,800 in full Settlement of his account.

Join BYJU'S Learning Program