Sarthaks Test
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What journal entries will be recorded for the following transactions on the dissolution of a firm: 

[a] Payment of unrecorded liabilities of Rs.3,200. 

[b] Stock worth Rs.7,500 is taken by a partner Rohit.

 [c] Profit on Realisation amounting to Rs.18,000 is to be distributed between the partners Ashish and Tarun in the ratio of 5:7.

 [d] An unrecorded asset realised Rs.5,500.

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Journal Entries 

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