Question 5:
Pass Journal entries in the following cases?
(a) Expenses of realisation ₹600 but paid
by Mohan, a partner.
(b) Mohan, one of the partners of the firm, was asked to look into the dissolution
of the firm for which he was allowed a commission of ₹ 2,000.
(c) Motor car of book value ₹ 50,000 taken over by Creditors of the book
value of ₹ 40,000 in full settlement.
Answer:
|
Journal |
|||||
|
S.N. |
Particulars |
L.F. |
Debits ₹ |
Credit ₹ |
|
|
|
|
|
|
|
|
|
(a) |
Realisation A/c |
Dr. |
|
600 |
|
|
To
Mohan’s Capital A/c |
|
|
600 |
||
|
(Being Realisation
expenses paid by Mohan) |
|
|
|
||
|
|
|
|
|
|
|
|
(b) |
Realisation A/c |
Dr. |
|
2,000 |
|
|
To
Mohan’s capital A/c |
|
|
2,000 |
||
|
(Being Commission allowed to Mohan
on dissolution of the firm) |
|
|
|
||
|
|
|
|
|
|
|
|
(c) |
No entry No journal entry is passed because both motor car
and Creditors accounts have already
been transferred to Realisation Account and nothing
is recovered or paid in terms of Cash and Bank |
|
|
|
|
Question 6:
Pass Journal entries for the following:
(a) Realisation expenses
of ₹10,000 were to be met by Mohan, a partner, but were paid by the firm.
(b) Mahesh, a partner, was paid remuneration of ₹25,000
and he was to meet all expenses.
(c) Suresh, a partner, was paid remuneration of ₹20,000
and he was to meet all expenses. Firm paid an expense of ₹ 5,000..
Answer:
|
Date |
Particulars |
|
₹ (Dr.) |
₹ (Cr.) |
|
(a) |
Mohan's Capital A/c |
Dr. |
10,000 |
|
|
|
To Bank A/c |
|
|
10,000 |
|
|
(Realisation expenses
were to be met by Mohan, a partner, but were paid by the firm) |
|
|
|
|
(b) |
Realisation
A/c |
Dr. |
10,000 |
|
|
|
To Mohan's
Capital A/c |
|
|
10,000 |
|
|
(Mahesh, a partner, was paid remuneration and he
was to meet all expenses) |
|
|
|
|
(c) |
Suresh's Capita A/c |
Dr. |
5,000 |
|
|
|
To Bank A/c |
|
|
5,000 |
|
|
(Suresh, a partner, was paid remuneration of and
he was to meet all expenses. Firm paid an expense) |
|
|
|
Question
7:
Pass Journal entries for the following:
(a) Firm agreed to pay Alok
₹7,500 towards dissolution expenses. Dissolution expenses ₹10,000,
which were paid by the firm.
(b) Realisation expenses
were ₹5,000. It was agreed that the firm will bear ₹2,000 and
balance by Ravi, a partner.
(c) Dissolution expenses of ₹10,000 were paid
by Amit, a partner, on behalf of the firm.
(d) Realisation expenses
up to 6,000 was agreed by the firm to reimburse Ajay.
Dissolution expenses were 7,000.
Answer:
|
|
Journal |
||||
|
S.N. |
Particulars |
L.F. |
Debits ₹ |
Credit ₹ |
|
|
(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) |
|
|
|
||
|
(d) |
Realisation
A/c |
Dr. |
6,000 |
|
|
|
|
To Ajay’s
Capital A/c |
|
|
6,000 |
|
Question 8:
Pass necessary
Journal entries in the following cases:
(a) Creditors worth ₹ 85,000
accepted ₹ 40,000 as cash and Investment worth ₹ 43,000,
in full settlement of their claim.
(b) Creditors were ₹ 16,000. They accepted Machinery valued at ₹
18,000 in settlement of their claim.
(c) Creditors were ₹ 90,000. They accepted Building valued at ₹
1,20,000 and paid cash to the firm ₹
30,000.
Answer:
|
Journal |
|
||||||
|
|
Particulars |
L.F. |
(₹) |
(₹) |
|||
|
(a) |
Realisation A/c |
Dr. |
|
40,000 |
|
||
|
|
To Cash A/c |
|
|
|
40,000 |
||
|
|
(Creditors worth ₹
85,000 accepted 40,000 as cash and investment worth ₹ 43,000 in full
settlement) |
|
|
|
|||
|
|
|
|
|
|
|||
|
(b) |
No Entry |
|
|
|
|
||
|
|
(Creditors worth ₹ 16,000 accepted Machinery worth ₹
18,000 in full settlement. No entry as both asset and liability are already
transferred to the Realisation Account) |
|
|
|
|||
|
|
|
|
|
|
|||
|
(c) |
Cash A/c |
Dr. |
|
30,000 |
|
||
|
|
To Realisation A/c |
|
|
|
30,000 |
||
|
|
(Creditors worth ₹
90,000 accepted Building worth ₹ 1,20,000 and paid back₹ 30,000
as cash after settlement of claim to the firm) |
|
|
|
|||
Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – I