Question

what journal entries would be recorded for the following transactions on the dossolution of a firm after various assets (other than cash) on the third party liabilities have been transferred to realization account .

A. Amit a partner was appointed to realise the assets at a cost of
Rs. 4.000. The actual amount of realization amounted to Rs.
3000
B. Creditors were Rs. 90.000. They accepted buildings valued
Rs. 1,20.000 and paid cash to the firm were Rs. 30,000.
C. Ashish an old customer whose a/c for Rs. 1,000 who written
off as bad in the previous year, paid 60% of the amount
D. Paras agreed to takeover the firm Goodwill at a valuation of
Rs. 30000
E. There was on old Typewriter which has been written off. It was
estimated to value Rs. 400. It was taken away by Priya at an
estimated price loss 25%.
F. The firm paid Rs. 40,000 as Compensation of employees. ​

Answer 1

Answer:

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