Question

unrecorded asset realised Rs.5.500.
Give journal entries for the following transactions
1. To record the realisation of various assets and liabilities.
2. A Firm has a Stock of Rs. 1.60.000. Aziz, a partner took over 50% of the
Stock at a discount of 20%.
3. Remaining Stock was sold at a pront of 30% on cost.
4. Land and Buildging (book value Rs. 1,60.000) sold for Rs. 3.00 000 through
a broker who charged 2%, commission on the deal,
5. Plant and Machinery (book value Rs. 60.000) was handed over to a Creditor
at an agreed valuation of 10% less than the book value.
Investment whose face value was Rs. 4.000 was realised at 50%.




answer plz​

Answer 1

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