Sarthaks Test
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Pass Journal entries for the following at the time of dissolution of a firm: 

a. Sale of Assets-Rs.50,000. 

b. Payment of Liabilities-Rs.10,000. 

c. A commission of 5% allowed to Mr. X, a partner, on sale of assets. 

d. Realisation expenses amounted to Rs.15,000. The firm had agreed with Amrit, a partner, to reimburse him up to Rs.10,000. 

e. Z, an old customer, whose account for Rs.6,000 was written off as bad in the previous year, paid 60% of the amount written off. 

f. Investment (Book Value Rs.10,000) realised 150%.

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