Obtained loan of 30,000 from wife write joirnal entries
Answers
ANSWER
(a) Partner's Loan A/c Dr. 10000
To Bank A/c 10000
(Being payment of partner's loan)
(b) X's Capital A/c Dr. 300
To Realisation A/c 300
(Being unrecorded asset taken over by partner)
(c) X's Capital A/c Dr. 10000
Y's Capital A/c Dr. 10000
Z's Capital A/c Dr. 10000
To Profit and Loss A/c 30000
(Being debit balance of profit and loss distributed among partners)
(d) Bank A/C..... Dr. 125000
To Realisation A/c 125000
(Being realisation of assets)
(e) Realisation A/c Dr. 2000
To Y's Capital A/c 2000
(Being remuneration given to Y to carry out dissolution)
(f) No entry is passed since creditors are paid in full settlement of their account.
How satisfied are you with the answer?
This will help us to improve better