Give the necessary journal entries for the following transactions on dissolution of the firm of Rohan and Sohan on 31st March, 2017. They shared profits and losses in the ratio of 3 : 2.
(i) Profit and Loss Account was showing a credit balance of ₹12,000 which was distributed among the partners.
(ii) Advertisement Suspense Account of ₹ 8,000 was showing in the books at the time of dissolution.
(iii) Rohan’s loan was repaid by the firm of ₹20,000 through bank.
(iv) Workmen compensation reserve appear in the books of
₹15,000 and no liability against it is due.
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JOURNAL ENTRIES ON THE DISSOLUTION OF THE FIRM OF ROHAN AND SOHAN.
Explanation:
REFER TO THE ATTACHMENT FOR JOURNAL ENTRIES.
Attachments:
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