What journal entries would be passed for the following transactions on the dissolution of a Firm, after various assets ( other than cash ) and third party liabilities have been transferred to realization account? (i) Compensation to employees paid by the firm amounted to Rs 2000 (ii) There was an unrecorded asset of Rs 200 which was taken over by Kartik a partner, at Rs 150 . (iii) Jatin, partner , undertook to pay Mrs. Jatin’s loan of Rs 10,000 and took over 50% of the stock at a discount of 20% ( book value of stock Rs 25,000) (iv) Balance of the stock was sold at loss of 10%
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Answer:
21x414x² + 7x
7x²
1
= 3x² −2+
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