Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
21.1k views
in Accounts by (64.4k points)

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%.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Journal entries

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...