Sarthaks Test
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Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya: 

1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for Rs. 3,000, 

2. Ashish, an old customer whose account for Rs. 1,000 was written-off as bad in the previous year, paid 60%, of the amount, 

3. Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs. 30,000, 

4. There was an old typewriter which had been written-off completely from the books. It was estimated to realize Rs. 400. It was taken away by Priya at an estimated price less 25%, 

5. There were 100 shares of Rs. 10 each in Star Limited acquired at a cost of Rs. 2,000 which had been written-off completely from the books. These shares are valued @ Rs. 6 each and divided among the partners in their profit sharing ratio.

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Note : As no information is given hence profit sharing ratio for 5th entry is taken as equal.

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