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in Dissolution of Partnership by (27.3k points)
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What entry would you pass for the following transaction on the dissolution of a firm having partners Vishal and Rakesh. 

1. An unrecorded asset realised Rs. 6200. 

2. Dissolution expenses amounted to Rs. 3200.

3. Creditors already transferred to realisation account were paid Rs. 88,000. 

4. Stock worth Rs. 5400 already transferred to realisation account was sold for Rs. 4100. 

5. Profit on realisation Rs. 48000 to be distributed between partners, Vishal and Rakesh?

1 Answer

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by (25.6k points)
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Best answer

(a) 

Cash Dr. 6200
   To realisation 6200

 (Being unrecorded asset realised)

(b)

Realisation Dr. 3200
  To cash 3200

 

(Being realisation expenses paid off)

 

(c) 
Realisation Dr. 88000
  To cash 88000

 (Being Crs. paid off)

(d)

Cash Dr. 4100
  To realisation 4100

(Being stock realised)

(e) 

Realisation Dr. 48000
  To V's capital 24000
   To R's capital 24000

(Being realisation a/c balance transferred to partner's capital a/cs) 

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