Question

J, K and L were partners in a firm sharing profits in the ratio of 4:5:1.On 31st March, 2018 their firm was dissolved. On this date the BalanceSheet showed a balance of 1,34,000 in debtors account and a balanceof 14,000 in provision for bad debts account. Both the accounts wereclosed by transferring their balances to realisation account. 4,000 ofthe debtors became bad and nothing could be realised from them ondissolution. K agreed to look after the dissolution work for which he wasallowed a remuneration of 16,000. K also agreed to bear dissolutionexpenses for which he was allowed a lumpsum payment of 4,000.Actual dissolution expenses were 6,500 and the same were paid fromthe firm's cash. Loss on dissolution amounted to 37,000.Pass necessary journal entries for the above transactions in the books ofthe firm on its dissolution.​

Answer 1

Answer:

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