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Question -

How will you deal with the Realisation expenses of the firm of Rashim and Bindiya in the following cases?
1. Realisation expenses amounts to ₹ 1, 00,000,
2. Realisation expenses amounting to ₹ 30,000 are paid by Rashim, a partner.
3. Realisation expenses are to be borne by Rashim for which he will be paid ₹ 70,000 as remuneration for completing the dissolution process. The actual expenses incurred by Rashim were ₹ 1, 20,000.



Answer -

Books of Rashim and Bindiya

 

Journal

 

 

Particulars

L.F.

Amount

₹

Amount

₹

1)

Realisation A/c

Dr.

1,00,000

To Bank A/c

1,00,000

(Realisation expenses paid)

2)

Realisation A/c

Dr.

30,000

To Rashim’s Capital A/c

30,000

(Realisation expenses borne by Rashim)

3)

Realisation A/c

Dr.

70,000

To Rashim’s Capital A/c

70,000

(Realisation expenses borne by Rashim and remuneration to him

for dissolution ₹ 70,000)

 

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