Question

handni, Disha and Ekta were partners in a firm. Pass Journal entries for the following transactions on

dissolution of the firm after various assets and external liabilities have been transferred to Realisation A/c:

(i) An unrecorded asset of Rs. 40,000 was given to an unrecorded creditor of Rs. 60,000 in settlement of his

claim of Rs. 45,000 and the balance was paid to him in cash.

(ii) A Motorbike which was not recorded in the books was taken over by Chandni at Rs. 10,000, whereas its

expected value was Rs. 15,000.

(iii) Creditors to whom the firm owed Rs. 50,000, accepted stock of Rs. 30,000 at a discount of 20% and the

balance in cash.

(iv) X, an old customer, whose account for Rs. 20,000 was written off as bad in the previous year, paid 40% of

the amount written off.

(v) Ekta paid the realisation expenses of Rs. 20,000 out of her pocket and she was to get a fixed remuneration of

Rs. 25,000 for completing the dissolution process.

(vi) Disha’s loan of Rs. 40,000 was discharged at Rs. 42,000. ​

Answer 1

Answer:

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