Question

Pass necessary journal entries for the above transactions in the books of AB Lid.
(22 The Balance Sheet of A, B and C sharing profits in the ratio of 3 : 4:2 stood as follows on
rfeited shares were
Liabilities
Creditors
75.500
Workmen's Compensation Reserve
Investment Fluctuation Reserve
Mrs. A's Loan
Mrs. B's Loan
A's Capital A/C
B's Capital A/C
40,000 Machinery
45,000 Computer
5,000 Furniture
25,000 Investments
20,000 Stock-in-trade
2,00,000 C's Capital A/c
1,20,000 Profit & Loss Account
Cash
Bank
60.000
120.000
20.000
90.000
10.000
22.000
455,000
4,55,000
The following information is given to you :
(1) A promised to pay Mrs. A's Loan and took stock in trade at #1,00,000.
(2) B took half the investments at +35,000 and remaining investments were realised a
120%.
(3) C took over machinery at 350,000 for cash.
(4) 360,000 had to be paid for Workmen's Compensation.
(5) Creditors amounting to 8,000 were given furniture of the book value of 20.000 in
full settlement. Remaining Creditors were paid at a discount of 10%
(6) Remaning furniture was sold at 30% of the book value
(7) A was allowed a remuneration of P10,000 to carry out dissolution work and he agreed
to bear all expenses of realisation which amounted to $15,000 and were paid by him.​

Answer 1

Answer:

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