Question

What Journal entries would be passed for the following transactions on the dissolution of a firm of partners A and B :
(i) Old furniture which had been written off in the books was sold for ₹ 20,000 .
(ii) 'Z' an old customer whose account for ₹ 10 ,000 was written off as bad debt in the previous year paid 70%.
(iii) 'A' agreed to takeover firm's goodwill (Not recorded in the books of a firm ) at ₹ 50,000 .
(iv) There was an old computer which had been written off from the books . It was estimated to realise ₹ 5,000 .It is taken by B' a partner at the estimated price less 30 %.
(v) Investments costing ₹ 20 ,000 (being 1,000 shares ) , had been written off from the books . These investments (shares) are valued @ ₹ 15 each and divided among the partners in their profit-sharing ratio.

Answer 1

Answer:

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