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All —— (internal/external) liabilities a...

All —— (internal/external) liabilities are transferred to the —— (Debit/Credit) side of ——acccount (Bank/Realisation).

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A, C, D
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There was a difference of Rs. 720 in the Trial Balance which has been transferred to the credit side of the Suspense Account. Pass the rectifying entries and prepare a Suspense Account to rectify the following errors: (i) An amount of Rs. 375 now posted on the debit side of the Commission Account instead of Rs. 275. (ii) Credit amount of Rs. 260 posted to the debit of the Personal Account as Rs. 360. (iii) Goods sold to Surinder recorded in Purchases Book Rs. 300. (iv) D's bill for erection of godown at a cost of Rs. 1,200 has been charged to the Repairs Account. [Total of Suspense Account-Rs. 720.]

Pass Journal entries for the following transactions on the dissolution of the firm of T and P after various assets (other than cash) and outside liabilities have been transferred to Realisation Account : (i) Bank Loan ₹ 34 , 000 was paid. (ii) Furniture worth ₹ 70 , 000 was taken by partner T at ₹ 43 , 000 . (iii) Partner P agreed to pay a creditor ₹ 7,500 . (iv) A computer previously written off fully , realised ₹ 3, 900. (v) Expenses of realisation ₹ 3, 200 were paid by partner T . (vi) Profit on realisation ₹ 4 , 800 was distributed between T and P in 5 : 3 ratio .

Pass necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash ) and outside liabilities have been transferred to Realisation Account : (a) Bank Loan ₹ 12,000 was paid . (b) Stock worth ₹ 16,000 was taken over by partner Q . (c) Partner P paid a creditor ₹ 4,000 . (d) An asset not appearing in the books of accounts realised ₹ 1,200 . (e) Expenses of realisation of ₹ 2,000 were paid by partner Q . (f) Profit on realisation ₹ 36,000 was distributed between P and Q in 5 : 4 ratio .