Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
413 views
in Dissolution of Partnership by (25.6k points)
closed by

What journal entries would you pass for the following transactions on the dissolution of the firm of partners X and Y?  

i) Dissolution expenses 1800 were paid by ‘Y’ 

ii) An unrecorded asset realized 13,000. 

iii) Stock 15,000 already transferred to realization account was taken over by ‘X’. 

iv) Creditors already transferred to realization account were paid? 4000. 

v) Loss on realization 13,000 was distributed among the partners X and Y in their prot sharing ratio 3:2.

1 Answer

+1 vote
by (27.3k points)
selected by
 
Best answer

i) Realisation A/c Dr 800 

      To Y’s capital A/c 800 

ii) Cash A/c Dr 3000 

       To realisation 3000 

iii) X’s capital A/c Dr 5000 

       To realisation 5000 

iv) Realisation A/c 

    Dr 4000 

      To cash 4000 

v) X’s capital A/c Dr 1800 

    Y’s capital A/c Dr 1200 

       To realisation 3000

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

...