Pass Journal entries for the following:

  • Firm agreed to pay Alok ₹ 7,500 towards dissolution expenses. Dissolution expenses were ₹ 5,000, which were paid by the firm.
  • Realisation expenses were ₹ 5,000. it was agreed that the firm will bear ₹ 2,000 and balance by Ravinder, a partner.
  • Dissolution expenses of ₹ 10,000 were paid by Amit, a partner, on behalf of the firm.
  • Realisation expenses up to ₹ 6,000 was agreed by the firm to reimburse Ajay. Dissolution Expenses were ₹ 7,000.

Solution :