Aniket, Chahat and Priyam were partners in a firm sharing profits in the ratio of 3:2:1. The firm was dissolved on 31.3.2020. Pass the necessary journal entries for the following transactions after various assets (other than cash and bank) and third party liabilities had been transferred to the realisation account: a. The firm had stock of ₹2, 00,000. Chahat took over 40% of the stock at a discount of 20% and the remaining stock was sold at a profit of 30% on cost. b. Aniket’s wife's loan of ₹ 1, 00,000 was paid off along with interest of ₹ 10,000. c. Priyam’s loan of ₹ 20,000 was settled at ₹ 18,500. d. A liability under a suit for damages including in creditors was settled at ₹ 32,000 as against only ₹ 13,000 was provided in the books. Total creditors of the firm were ₹ 50,000 e. A bill of ₹ 50,000 discounted with bank was dishonoured by acceptor and the same had to be met by the firm f. Profit of realisation amounts to ₹ 30,000.
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Answers
Answer:
a) Realisation A/C.... Dr. 6000
To Kunal's Capital A/C 6000
(Being Kunal's wife's loan discharged off by Kunal)
(b) Realisation A/C.... Dr. 27000
To Bank A/C 27000
(Being creditors [30000 - 10%] paid off)
(c) Rohit's Loan A/C.... Dr. 70000
To Bank A/C 70000
(Being Rohit's loan paid off)
(d) Kunal's Capital A/C.... Dr. 3000
To Realisation A/C 3000
(Being unrecorded asset taken over by Kunal)
(e) Rohit's Capital A/C.... Dr. 5000
Kunal's Capital A/C.... Dr. 5000
Sarthak's Capital A/C.... Dr. 5000
To Profit and Loss A/C 15000
(Being profit and loss transferred to the partner's capital accounts)
(f) Realisation A/C.... Dr. 15000
To Sarthak's Capital A/C 15000
(Being remuneration paid to Sarthak for realisation expenses)
Answer:
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