pass the journal entries at the time of dissolution of firm :

(a). ramesh, a partner was paid remuneration of rs.25000 and he was to meet all expenses.

(b). anuj , a partner was paid remuneration of rs.20000 and he was to meet all expenses. firm paid an expense of rs.5000.

(c). realisation expenses amounted to rs.10000 were paid by the firm on behalf of alok, a partner, with whom it was agreed at rs.7500.

(d). realisation expenses amounted to rs. 5000. it was agreed that firm will pay rs.2000 and balance by ravinder , a partner.

(e). realisation expenses amounted to rs.15000. the firm had agreed with amrit , a partner, to reimburse him upto rs.10000

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

(a)

Realisation A/c

Dr.

25,000

To Ramesh's Capital A/c

25,000

(Expenses paid by Ramesh)

(b)

Realisation A/c

Dr.

20,000

To Anuj's Capital A/c

20,000

(Remuneration due to Anuj)

Anuj’s Capital A/c

Dr.

5,000

To Bank A/c

5,000

(Expense paid on behalf of Anuj)

(c)

Alok’s Capital A/c

Dr.

10,000

To Bank A/c

10,000

(Expenses paid on behalf of Alok)

Realisation A/c

Dr.

7,500

To Alok’s Capital A/c

7,500

(Amount due to Alok)

(d)

Realisation A/c

Dr.

2,000

To Bank A/c

2,000

( Expenses paid by Firm)

Realisation A/c

Dr.

3,000

To Ravinder’s Capital A/c

3,000

( Expenses paid by Ravinder)

(e)

Amrit’s Capital A/c

Dr.

15,000

To Bank A/c

15,000

(Amount paid on behalf of Amrit)

Realisation A/c

Dr.

10,000

To Amrit’s Capital A/c

10,000

(Remuneration due to Amrit)