Please provide journal entry and reasons for the following transaction given that fixed capital method is used in preparation of - Accountancy - Dissolution of Partnership Firm

Question

Please provide journal entry and reasons for the following
transaction given that fixed capital method is used in preparation
of partner's capital account

Realisation expenses were to be borne by A for which he is to
get a credit of 10,000 Actual realisation expenses paid out of
firm's Bank Account amounted to 12,000

Neha Chopra · Accepted Answer

Dear
Student,

Date

Particulars
LF
Amount (in
Rs)
Amount (in
Rs)

Realisation Exps A/c
Dr
10,000

A's Current A/c
Dr
2,000

To Bank A/c

12,000

(Realisation exps to be borne by A and he is to get a credit of Rs
10,000)

As A is to get credit of only Rs 10,000 rest exps were to be borne
by him only

Regards,

Date	Particulars	LF	Amount (in Rs)	Amount (in Rs)
	Realisation Exps A/c	Dr	10,000
	A's Current A/c	Dr	2,000
	To Bank A/c			12,000
	(Realisation exps to be borne by A and he is to get a credit of Rs 10,000)
	As A is to get credit of only Rs 10,000 rest exps were to be borne by him only