Question

Illustration 1. A B and C Are partners in a firm sharing profits in the ratio 11. Their Balance Sheet as on 31st March 2017 was as under:

Lih

Ensete

Crector

A Capital

Capital

с Capital

50,000

80.000

NO,000

60,000

2.70,000

Goodwill

Land & Building

Plant & Machinery

Motor Car

Debtors

Cash

30,000

80,000

56,000

54,000

4K 00

2,00m

2,70.000

The firm was dissolved on that date. The assets realised Goodwill 20.000, Land & Building 1,00,000, Plant & Machinery 50,000; Motor Car 28.000 and Debtors 50% of the book value. Realisation Expenses were ? 2,000. Prepare Realisation Account, Capital Accounts of Partners and Cash Account to close the books of the firm. Modified. Pass journal also​

Answer 1

Answer:

aWhat will be the journal entry for cash received of rupees 3,600 and discount allowed of rupees 200?