Radha and Mudit were partners in a firm sharing profits and losses in
the ratio of 3 : 2. The firm was dissolved on 31st March, 2019. Pass the
necessary Journal entries for the following transactions after various assets
(other than cash in hand and cash at bank) and thirdparty
liabilitieshavebeentransferredtoRealisationAccount:
(i) A creditor of Rs70,000 accepted furniture valued at Rs1,50,000
andpaid to the firmRs80,000.
(ii) Bank loan of Rs90,000 was settled along with interestRs9,000.
(iii) Realisation expensesamountingto Rs. 8,000 were paid byMudit.
(iv) Loss on realization wasRs20,000.
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Answer:
3:2
8000:20000:9000
150000:90000
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