Accountancy, asked by munnikeshari73, 8 months ago

At the time of dissolution
of a partnership firm, the book
value of sundry assets
transferred to Realisation
Account was Rs. 2,00,000.
50% of these sundry assets
were taken by partner A at
20% discount, 40% of
remaining assets were sold at
a profit of 30% on cost. 5% of
the balance was found
obsolete and realised nothing.
The remaining assets were
taken over by a creditor in full
settlement of his claim. Pass
necessary journal entries for
the above.​

Answers

Answered by Anonymous
21

1. Realisation A/C.... Dr. 100000

To Sundry Assets A/C 100000

(Being assets transferred to Realisation account)

2. Atul's Capital A/C..... Dr. 40000

To Realisation A/C 40000

(Being assets taken over by Atul)

[ Note: 50%of 100000= 50000

Discount= 20% of 50000= 10000

Hence, value after discount= 50000-10000

= 40000]

3. Bank A/C.... Dr. 26000

To Realisation A/C 26000

(Being assets sold)

[ Note: 40% of 50000= 20000

Profit= 30% of 20000= 6000

Hence, value after profit= 20000+6000

= 26000]

4. No entry is passed since creditors are handed over obsolete assets in full settlement of their claim.

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Answered by vedanshgautam22
1

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