Question

Pass necessary journal entries for the above transactions in the books of
Naina, Uday and Tara were partners in a firm sharing profits and losses
in the ratio of 5:3:2. The firm was dissolved on 31-3-2019. After transfer of
assets (other than cash) and external liabilities to Realization Account,
the following transactions took place :
(a)
A typewriter completely written off from the books was sold for
* 4,000.
(b) Loan of 30,000 advanced by Uday to the firm was paid back.
Tara was to get remuneration of * 42,000 for completing the
dissolution process and for bearing realization expenses. Actual
realization expenses amounted to 51,000 and were paid by the
firm.
Creditors of ? 23,000 took over all the investments at 12,000.
Remaining amount was paid to them in cash.
Uday agreed to pay loan of Mrs. Uday * 45,000.
side of the balance sheet.
(c)
(d)
(e)
(f)
Profit and Loss Account balance of ? 20,000 appeared on the asset
the firm.​

Answer 1

Explanation:

23,000+12,000=35,000Ans

35,000-20,000=15,000Ans

15,000-51,000=