Question

The Firm of R, K and S was dissolved on 31.3.2019 . Pass necessary journal entries for the following after various assets (other than cash and Bank ) and the third party liabilities had been transferred to realization account .(4)(i)K agreed to pay off his wife ‘s loan of Rs.6,000.(ii)Total Creditors of the firm were Rs.40,000 . Creditors worth Rs.10,000 were given a piece of furniture costing Rs.8,000 in full and final settlement .Remaining creditors allowed a discount of 10% (iii)A machine that was not recorded in the books was taken over by K at Rs.3,000 whereas its expected value was Rs.5,000.(iv)The firm had a debit balance of Rs.15,000 in the profit and loss account on the date of dissolution .

Answer 1

Answer:

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