Question

Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y,

(i) Realization expenses of ` 5,000 were to borne by X, a partner. However, it was paid by Y. (ii) Investments

costing `25,000 (comprising 1000 shares), had been written off from the books completely. These shares are

valued at ` 20 each and were divided amongst the partners. (iii) Y’s loan of `50,000 settled at ` 48,000.

(iv) Machinery (book value ` 6,00,000) was given to creditor at a discount of 20%​

Answer 1

Explanation:

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