Question

L and M were partners in a firm sharing profit in the ratio of 2:3. on 28-2-2016, the
firm was dissolved. Pass necessary journal entries for the following transactions.
(a) A creditor for Rs. 1,40,000 accepted building valued at Rs. 1,80,000 and paid to
the firm Rs 40,000.
(b) A second creditor for Rs 30,000 accepted machinery valued at Rs. 28,000 in full
settlement of his claim
(c) A third creditor amounting to Rs. 70,000 accepted Rs 30,000 in cash and
investments of the book value of Rs 45,000 in full settlement of his claim.
(d) Loss on dissolution was Rs, 4,000.​

Answer 1

Explanation:

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