Question

Saurabh and Gaurav are partners in a firm. Pass necessary journal entries for the following after various assets (other than cash and Bank) and third party liabilities have been transferred to Realisation A/c.                                                                                                                                                                                                                         (a) Y an unrecorded creditor of Rs.25,000, took over computer at Rs.30,000. Balance was paid by him in cash.                                                                                                                                                                                                                                         (b) Gaurav had agreed to undertake the dissolution work for an agreed remuneration of Rs.2,000 and bear all the realization expenses. Dissolution expenses were Rs.1,500 and same were paid by the firm.                                             (c) Loss on dissolution Rs.8,000   ​

Answer 1

Explanation:

Saurabh and Gaurav are partners in a firm. Pass necessary journal entries for the following after various assets (other than cash and Bank) and third party liabilities have been transferred to Realisation A/c.                                                                                                                                                                                                                         (a) Y an unrecorded creditor of Rs.25,000, took over computer at Rs.30,000. Balance was paid by him in cash.                                                                                                                                                                                                                                         (b) Gaurav had agreed to undertake the dissolution work for an agreed remuneration of Rs.2,000 and bear all the realization expenses. Dissolution expenses were Rs.1,500 and same were paid by the firm.                                             (c) Loss on dissolution Rs.8,000