YOUTUBE CHANNEL: SURAJ PATEL EDUCAION
Dissolution of Partnership Firm
S.Y.J.C ( 12th Standard )
Very Importance Journal Entries
1. For Transferring Assets to Realisation A/C
Realisation A/C…………………………Dr
To Fixed Assets A/C
To Debtors A/C
To Bill Receivable A/C
2. For Transferring Liabilities To Realisation A/C
Bank Loan A/C………………………….. Dr
Creditor A/C……………………………… Dr
Bills Payable A/C………………………… Dr
To Realisation A/C
3. For Transferring Of Provision Against Closing Assets
Bad Debt A/C…………………………… Dr
RDD A/C………………………………… Dr
Provision For Depreciation A/C………. Dr
To Realisation A/C
4. For Transferring Of Accumulated Profit Reserve
Gernal Reserves A/C…………………. Dr
Reserve Fund A/C ……………………..Dr
Profit & Loss A/C ……………………… Dr
To Partners Capital A/C
5. For Transferring Of Accumulated Loss
Partner Capital A/C……………………. Dr
To Profit & Loss A/C
6. In The Assets Use Sold For Cash
Cash/Bank A/C………………………….Dr
To Realisation A/C
7. Assets Use Taken By Any Partner
Partner Capital A/C…………………….. Dr
To Realisation A/C
8. Payment To Outsiders Liability
Realisation A/C…………………………. Dr
To Cash/ Bank
9. Any Partner Discharge Any Liability Of the Firm
Realisation A/C…………………………..Dr
To Partner Capital A/C
10. Realisation Expenses Paid
Realisation A/C ………………………… Dr
To Cash / Bank A/C
11. For Transferring Of Profit On Realisation A/C
Realisation A/C …………………………. Dr
To Partner Capital A/C
12. For Transferring Of Loss On Realisation A/C
Partner Capital A/C……………………..Dr
To Realisation A/C