Question

receieved cash from chandran in full settlement Rs.23000 of Rs.30000​

Answer 1

Answer:

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Answer 2

Answer:

(a) Partner's Loan A/c              Dr.                     10000

             To Bank A/c                                                       10000

(Being payment of partner's loan)

(b) X's Capital A/c                   Dr.                     300

             To Realisation A/c                                        300

(Being unrecorded asset taken over by partner)

(c) X's Capital A/c                    Dr.                     10000

   Y's Capital A/c                     Dr.                     10000

    Z's Capital A/c                    Dr.                      10000

               To Profit and Loss A/c                                     30000

(Being debit balance of profit and loss distributed among partners)

(d) Bank A/C.....                             Dr.                   125000

                 To Realisation A/c                                          125000

(Being realisation of assets)

(e) Realisation A/c                   Dr.                      2000

                 To Y's Capital A/c                                         2000

(Being remuneration given to Y to carry out dissolution)

(f) No entry is passed since creditors are paid in full settlement of their account.

Explanation:

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