Journalise the following transactions in the books of the firm of harry and jim at the time of its dissolutions . Harry and jim shared profits in the ratio of 3: 2.
(1) There was a debit balance of Rs 7,500 in the profit and loss account. (II) Machinery of the books value of Rs 20,000 was taken Over by harry at discount of 10% . He also took over land and building valued at Rs 5,00,000 for Rs 6,00,000.
(iii) Jim agreed to pay the creditors amounting to Rs 34,000.
Class 12 Accounts Question
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1. Income Method GNPFC = Compensation of employees + Rent + Interest + Undistributed Profits + Dividend + Net
Factor Income from Abroad + Consumption of fixed capital = 1850 + (400 +500 +900 + 200) + (-) 50+ 100 = 3900
CRORE Note: o GNPFC = NNPFC + Consumption of fixed capital o NNPFC = Compensation of employees + Rent +
Interest + Undistributed Profits + Dividend + Net Factor Income from Abroad o Compensation of employees is
income from work which includes wages and salaries in kind and cash, and contribution to social securities
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