Question

Que no 6 carry 6 mark:
Q6. X ad Y are partners. They decided to dissolve their firm Pass necessary journal entries for the
following after various assets (other than cash and bank ) and the third party liabilities have been
transferred to realisation account:
1) X's loan was appearing on the liabilities side of the balance sheet at Rs. 1,00,000. He accepted
an unrecorded assets of Rs. 60000 at Rs 45000 and balance was paid to him in cash.
2) There was a bill for Rs. 50000 under discount. The bill was received from Sohan who proved
Insolvent and a first and final dividend

of 40% was received from his estate.
3) Total creditors of the firm were 200000. Creditors worth Rs. 150000 were given machinery
Costing Rs. 140000 in full and final settlement. Remaining creditors allowed a discount of 5%
4) There were total debtors of Rs. 150000. A provision of bad and doubtful debts also stood in
the books at 5% of debtors Rs 20000 debtors proved bad and rest paid the amount due.
5) Y, an unrecorded of Rs. 40000 took over stock Rs. 50,000. Balance was paid by him
In cash​

Answer 1

please follow me

Explanation:

Que no 6 carry 6 mark:

Q6. X ad Y are partners. They decided to dissolve their firm Pass necessary journal entries for the

following after various assets (other than cash and bank ) and the third party liabilities have been

transferred to realisation account:

1) X's loan was appearing on the liabilities side of the balance sheet at Rs. 1,00,000. He accepted

an unrecorded assets of Rs. 60000 at Rs 45000 and balance was paid to him in cash.

2) There was a bill for Rs. 50000 under discount. The bill was received from Sohan who proved

Insolvent and a first and final dividend

of 40% was received from his estate.

3) Total creditors of the firm were 200000. Creditors worth Rs. 150000 were given machinery

Costing Rs. 140000 in full and final settlement. Remaining creditors allowed a discount of 5%

4) There were total debtors of Rs. 150000. A provision of bad and doubtful debts also stood in

the books at 5% of debtors Rs 20000 debtors proved bad and rest paid the amount due.

5) Y, an unrecorded of Rs. 40000 took over stock Rs. 50,000. Balance was paid by him

In cash