Question

17. What journal entries would be recorded for the following transactions on the dissolution of a
firm after various assets (other than cash) on the third party liabilities have been transferred to
Realisation Account?
(4)
1 Arti took over the Stock worth * 80,000 at 68,000.
2 There was unrecorded Bike of Rs 40,000 which was taken over By Mr. Karim
3. The firm paid Rs 40,000 as compensation to employees.
4. Sundry creditors amounting to Rs 36,000 were settled at a discount of 15%​

Answer 1

journal entries

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