Question

Give relevant journal entries in the books of a firt when is converted into joint stock company​

Answer 1

Answer:

this is your answer hope it's help you

Answer 2

Answer:

Explanation:

If the partnership is sold or incorporated, the practical steps for closing the partnership's books are outlined below.

Step 1:

Transfer all recorded assets and liabilities (whether or not  the purchasing company undertakes them) to the clearing account. However, if the buyer company does not undertake, cash and bank balances are excluded.

For transferring recorded assets"

Realization A/C..................Dr.

To sundry assets

For transferring recorded liabilities

Sundry liabilities..................Dr.

To Realization A/C

Step 2:

Purchasing company...........Dr.

To Realization A/C