Sarthaks Test
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Give journal entries for the following transactions: 

1. To record the realisation of various assets and liabilities, 

2. A Firm has a Stock of Rs. 1,60,000. Aziz, a partner took over 50% of the Stock at a discount of 20%, 

3. Remaining Stock was sold at a profit of 30% on cost, 

4. Land and Building (book value Rs. 1,60,000) sold for Rs. 3,00,000 through a broker who charged 2%, commission on the deal, 

5. Plant and Machinery (book value Rs. 60,000) was handed over to a Creditor at an agreed valuation of 10% less than the book value, 

6. The investment whose face value was Rs. 4,000 was realised at 50%

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Journal Entries 

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