Question

W3L 2017, 2 Marks) 1. What Journal entries would be passed for the following transactions on dissolution of a firm of partners Kamal and Ranjan? (1) Dissolution Expenses paid * 2,500. (ii) Pankaj, an old customer, whose account for 25,000 was written off as Bad Debt in the previous year, paid 50%. (iii) Stock of 5,000 transferred to the Realisation Account was taken by partner Kamal. (iv) Creditors, transferred to the Realisation Account, were paid * 8,000. (v) Investment (Book value * 10,000) realised at 150%. (vi) Gain (Profit) on realisation of 24,000 is to be distributed between partners Kamal and Ranjan in the ratio of 3:1.​

Answer 1

Answer:

last amount is 24000 and sorry as the image was not fully selected and i want this to be corrected by the app.