Question

27. Give the necessary journal entries for the following transactions on dissolution of the firm of the
Komal and Tanisha on 31" March 2017, after the various assets (other than cash) and third part
liabilities have been transferred to Realisation Account. They shared Profit and losses in the
ratio of 2:1
a) Komal was get remuneration of RS 10,000 for completing the dissolution process. She als
agreed to bear all realization expenses. Realisation expenses of Rs. 8,000 were paid by he
from the firm's cash.
b) Tanisha was taken over furniture at RS. 12,000. Debtors amounted to Rs. 8,000 at Rs 6,000.
c) Creditors of Rs. 20,000 accepted plant valued at Rs 18,000 in full settlement of their claim.
d) Investment was sold For Rs. 30.000.
e) There was unrecorded fixtures which was taken over by Komal at Rs.2.500
1) Bill Payable of Rs 10,000 were discharged at a discount of 5%.​

Answer 1

Answer:

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