Question

Pass necessary journal entries on the dissolution of a partnership firm in the following cases :

1) Expenses of dissolution were Rs 9,000.

2) Expenses of dissolution Rs 3,400 were paid by a partner, Vishal

3) Shiv, a partner, agreed to do the work for dissolution for a commission of Rs 4,500. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 3,900 were paid from the firm's bank account.

4) Naveen, a partner, agreed to look after the dissolution work for which he was allowed a remuneration of Rs 3,000. Naveen also agreed to bear the dissolution expenses. Actual expenses on dissolution Rs 2,700 were paid by Naveen.

5) Vivek, a partner, was appointed to look after the dissolution work for a remuneration of Rs 7,000. He agreed to bear the dissolution expenses. Actual dissolution expenses Rs 6,500 were paid by Rishi, another partner, on behalf of Vivek.

6) Gaurav, a partner, was appointed to look after the work of dissolution for a commission of Rs 12,500. He agreed to bear the dissolution expenses. Gaurav took over furniture of Rs 12,500 as his commission. The furniture had already been transferred to realisation account.

Answer 1

Journal
Date	Particulars	L.F.	Debit Rs	Credit Rs
1     2     3-A     3-B     4     5-A     5-B     6	Realisation A/c     Dr     To Bank A/c (Being expenses are borne and paid by the firm) Realisation A/c    Dr    To Vishal’s Capital A/c (Being expenses paid by a partner on behalf of the firm) Realisation A/c      Dr    To Shiv’s Capital A/c (Being Remuneration paid) Shiv’s Capital A/c    Dr    To Bank A/c (Being Expenses paid by the firm) Realisation A/c    Dr.     To Neveen’s Capital A/c (Being Remuneration paid) Realisation A/c   Dr     To Vivek 's Capital A/c  (Being Remuneration paid) Vivek 's Capital A/c    Dr    To Rishi's Capital A/c (Being expenses paid by one partner, borne by other) No Entry		9,000     3,400     4,500     3,900     3,000     7,000     6,500	9,000     3,400     4,500     3,900     3,000     7,000     6,500