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 writte off as bad in the previous year paid 60% of the amount written off.
(f) Investment (Book Value ₹ 10,000) realised at 150%.
