Chander and Naresh were partners in a firm sharing profits in 3:2 ratio. On 28.2.2007 their firm was dissolved. After the transfer of various assets (other than cash) and third party liabilities to Realisation Account, the following transactions took place :
(i)An unrecorded asset costing Rs. 9,000 was taken over by Chander for Rs. 7,800.
(ii) Creditors Rs. 47,500 were paid Rs. 45,000 in full settlement of their claim.
(iii)Expenses of realisation Rs. 1,200 were paid by Naresh.
(IV) Loss on dissolution was Rs. 3,400.
Pass necessary journal entries for the above transactions in the book of the firm.
Answers
Answered by
0
Answer:
A light is a form of energy which travels in a straight line and help us to see
Explanation:
Similar questions