Pass necessary journal entries on the dissolution of a firm in the following cases:
(a) Dharam, a partner, was appointed to look after the process of dissolution at a remuneration of ₹ 12,000 and he had to bear the dissolution expenses. Dissolution expenses ₹ 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 ₹ 15,000. Jay agreed to bear dissolution expenses. Actual dissolution expenses ₹ 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 ₹ 7,000. Deepa agreed to bear dissolution expenses. Actual dissolution expenses ₹ 6,000 were paid from the firm’s bank account.
(d) Dev, a partner, agreed to do the work of dissolution for ₹ 7,5000. 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 ₹ 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jeev were ₹ 12,000. These expenses were paid by Jeev by drawing cash from the firm.
(f) A debtor of ₹ 8,000 already transferred to Realisation Account agreed to pay the realisation expenses of ₹ 7,800 in full settlement of his account.
Answers
Answer:
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Answer:
As per the journal,
(A) An amount of Rs. 12000 has been debited from the Realisation A/c and it has been credited to Dharam's capital account.
This is being the amount obtained from paying remuneration.
(B) An amount of Rs. 15000 has been debited from the realisation account and it has been credited to the Jay's capital A/c.
This is being the amount obtained from paying remuneration.
An amount of Rs. 16,000 has been debited from the Jay's capital account and it has been credited to the Vijay's capital A/c
This is being the expenses borne by Jay, paid by Vijay.
(C) An amount of Rs. 7,000 has been debited from the realisation account and it has been credited to the Deepa's capital A/c.
This is being the amount obtained from paying remuneration.
An amount of Rs. 6,000 has been debited from the Deepa's capital account and it has been credited to the bank A/c
This is being the expenses paid by the firm.
(D) No entry.
(E) An amount of Rs. 10000 has been debited from the Realisation A/c and it has been credited to Jeeva's capital account.
This is being the amount obtained from paying remuneration.
An amount of Rs. 12000 has been debited from the Jeeva's capital A/c and it has been credited to Bank account.
This is being the expenses paid by the firm.
(F) No entry
