Question

Pass necessary Journal Entires on the dissolution of a partnership firm in the following cases :  

(i) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs 10,000.

(ii) Dissolution expenses Rs 8,000 were paid by the partner, M.

(iii) Dissolution expenses were Rs 5,000.

(iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 7,000. P agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,000 were paid by P.

(v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 9,000. N agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,000 were paid by the firm.

(vi) Q a partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 18,000. Q agreed to take over stock worth Rs 18,000 as his remuneration. The stock had already been transferred to Realisation Account.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
(i)	Realisation A/c	Dr.		10,000
	To L’s Capital A/c				10,000
	(Remuneration paid)
(ii)	Realisation A/c	Dr.		8,000
	To M’s Capital A/c				8,000
	(Expenses paid)
(iii)	Realisation A/c	Dr.		5,000
	To Bank A/c				5,000
	(Expenses paid)
(iv)	Realisation A/c	Dr.		7,000
	To P’s Capital A/c				7,000
	(Remuneration paid)
(v)	Realisation A/c	Dr.		9,000
	To N’s Capital A/c				9,000
	(Remuneration paid)
(v)	N’s Capital A/c	Dr.		4,000
	To  Bank A/c				4,000
	(Expenses paid by firm)
(vi)	No Entry