Question

pass journal entries in the following cases:
(a) when capital are fixed -
(1) x's share of profit for the year is ₹ 6000:
(2) x brings in ₹25000 as capital . (b) on raghavs death . his net amount to claim in the firm amount to ₹ 75000 which is to be transferred to Raghavs legal heirs
(c) on vearma retirement from partnership firm , out of the settled amount of ₹ 92,000, ₹ 40,000 is paid by cheque and balance is transfer to her loan account.​

Answer 1

Answer:

a

(1) profit a/c -dr. 6000

to x's current a/c. 6000

(2) bank a/c. -dr. 25000

to X's currenta/c. 25000

b raghav's capital a/c. -dr 75000

to raghav's legal representative a/c. 75000

c vearma's capital a/c -dr. 92000.

to banka/c. 40000

to vearma's loan a/c. 52000