Journalise The Following Transacation Regarding Realisation Expenses [a] Realisation Expenses Amounted To Rs 2,500. [b] Realisation Expenses Amounting to Rs 3,000 Were Paid by Ashok, One of the Partners-Solution

Q.1. Journalise the following transaction regarding realisation expenses:

[a] Realisation expenses amounted to Rs 2,500.

[b] Realisation expenses amounting to Rs 3,000 were paid by Ashok, one of the partners.

[c] Realisation expenses Rs 2,300 borne by Tarun, personally.

[d] Amit, a partner was appointed to realise the assets, at a cost of Rs 4,000. The actual amount of Realisation amounted to Rs 3,000.

SOLUTION

Journal

Date	Particulars		L.F.	Amount (Dr.)	Amount (Cr.)
(A)	Realisation A/c	Dr.		2,500
	To Bank				2,500
	(Being expenses on realization paid)
(B)	Realisation A/c			3,000
	To Ashok’s Capital A/c				3,000
	(Being expenses on realization paid by Partner Ashok)
(C)	(In the time of Dissolution’s firm no any partner can be borne Realisation expense by personaly)
(D)	Realisation A/c			4,000
	To Amit’s Capital A/c				4,000
	(Realisation expenses paid to Amit)

Chapter-5 Dissolution of a Partnership Firm

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