Question

Pass the necessary journal entries for the following transactions on the
dissolution of the firm of Sudha and Shiva after the various assets other
than Cash and outside liabilities have been transferred to Realisation A/c:
(i) A debtor whose debt of Rs. 9,000 was written off in the books
paid Rs. 7,500 in full settlememt.
(ii) A bill receivable of Rs. 2,000 discounted with the was
dishonoured and the same has to be met by the firm.
(iii) Sudha agreed to pay off her husband’s loan Rs. 19,000
(iv) A creditor’s A/c of Rs. 10,000 was settled by giving him an asset of
Rs. 15,000.

Answer 1

Explanation:

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