Pass journal entries for the following transactions of firm in the case of firm’s dissolution(without narration)
A. A partner has accepted to pay loan of his Smt. Rs. 40,000 which was given to the firm.
B. Income tax liability is now payable Rs. 30,000 it is not recorded in the book.
C. Total assets of the firm are Rs. 2,00,000 out of which 40% of are current assets
(including cash of Rs. 10,000). Book value is realized.
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Answer:
4100 and 50. ghghfyf
Explanation:
110+40=3100
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