Question

Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3:2. On
March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand
and and third party liabilities to the Realisation Account, the following information
Erture of 370,000 was sold for 3 68,000 by auction and auctioneer's commission
Adira's loan amounting to 35,000 was paid.
Cost of the stock of 3 80,000, Karan took over 50% of the stock at a discount of 20% while​

Answer 1

Answer:

Explanation:

                                                Journal entries                                                        

Bank A/c                     66000

   To Realisation a/c                                        66000

Adiraj's loan A/c         35000

    To Bank A/c                                           35000

(being patners loan settled)

Karan's capital A/c       32000

  To Realisation a/c                                32000

( Being half the stoock  taken over by the Karan)

Bank A/c                      52000

   To Realisation a/c                              52000

(Being remaining stock sold at 30 % profit )

Realisation  A/c          3000

     To Bank A/c                                   3000

( Being dishonoured bill met )

Realisation a/c            2000

    To  adiraj 's capital A/c                2000

(Being realisation expenses paid by Adiraj )