Question

0.15 X and Y are partners sharing profits and losses equally. They decided to dissolve their firm.
Givejournal entries for settlement of creditors through assets in the following alternative cases.
GA a creditor falitaansterred to Rsalsation Account for R$ 25,000 accepted furniture
(Already transferred to hear sation Account) atis, 35,000. in full settlement of his claim.
(1) B, a creditor (already transferred to Realisation Account) for Rs.25,000 accepted furniture
already transferred to paisation Account) at Rs. 20.000 in settlement of his claim.
(a) c. a creditor (already transferred to Realisation Account) for Rs.30,000 agreed to take Machinery
(already transferred to Realisation Account) at Rs.48,000 (book value:Rs.50,000) in settlement of his
up, a creditor of Rs 20,000 funrecorded in the books) agreed to accept computer (unrecorded in the
books) at Rs.15,000 plus Rs.2,000 in full settlement of his claim.
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Answer 1

Answer:

Already transferred to hear sation Account) atis, 35,000. in full settlement of his claim.

(1) B, a creditor (already transferred to Realisation Account) for Rs.25,000 accepted furniture

already transferred to paisation Account) at Rs. 20.000 in settlement of his claim.

(a) c. a creditor (already transferred to Realisation Account) for Rs.30,000 agreed to take Machinery

(already transferred to Realisation Account) at Rs.48,000 (book value:Rs.50,000) in settlement of his

up, a creditor of Rs 20,000 funrecorded in the books) agreed to accept computer (unrecorded in the

books) at Rs.15,000 plus Rs.2,000 in full settlement of his claim.