Pass journal entries for the following transactions at the time of dissolution of the firm:
(a) Loan of ₹ 10,000 advanced by a partner to the firm was refunded.
(b) X, a partner, takes over an unrecorded asset (Typewriter) at ₹ 300.
(c) Undistributed balance (Debit) of Profit and Loss Account ₹ 30,000. The firm has three partners X, Y and Z.
(d) Assets of the firm realised ₹ 1,25,000.
(e) Y who undertakes to carry out the dissolution proceedings is paid ₹ 2,000 for the same Y.
(f) Creditors are paid ₹ 28,000 in full settlement of their account of ₹ 30,000.
Answers
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partners X, Y and Z.
(d) Assets of the firm realised ₹ 1,25,000.
(e) Y who undertakes to carry out the dissolution proceedings is paid
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Answer:
As per the journal,
(A) An amount of Rs. 10000 has been debited from the Partner's Loan account and it has been credited to Bank A/c.
This is being the loan which is refunded.
(B) An amount of Rs. 300 has been debited from the X's capital account and it has been credited to the Realisation A/c
This is being the unrecorded assets took over.
(C) An amount of Rs. 10000 each has been debited from the X, Y and Z's capital account and it has been credited to the Profit and Loss A/c
This is being the loss distribution amount.
(D) An amount of Rs. 1,25,000 has been debited from the Bank account and it has been credited to the Realisation A/c
This is being the assets which are realized.
(E) An amount of Rs. 2000 has been debited from the Realisation account and it has been credited to the Y's capital A/c
This is being the amount given for dissolution proceedings.
(E) An amount of Rs. 28000 has been debited from the Realisation A/c and it has been credited to the Bank A/c
This is being the amount which the creditors paid.
