Question

pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of tony and rony after the carious assets (other than cash) and external liabilities have been transferred ti realization account 1. an unrecorded asser of 2000rs and cash of rs 3000 was paid for the liability of rs 6000 in full settlement 2. 100 shares of rs 10 each have been taken over by the partners at market value of rs 20 per share in their profit sharing ratio which is 3:2 3. stock of rs 30000 was taken over by the creditor of rs 40000 at a discount of 30% in full settlement 4. expenses of realization of rs 4000 were to be born3e by rony. rony used the firms cash for paying these expenses​

Answer 1

Answer:

1 Realisation a/c.......dr 3000

To Bank a/c 3000

Explanation:

2 Tony's Capital a/c..........dr 1200

Rony's Capital a/c.........dr 800

To Realisation a/c 2000

3 no entry

4 Rony's capital a/c.........dr 4000

To Bank a/c 4000