Pass Journal entries for the following at the time of dissolution of firm .
(a) Sale of Assets -₹ 50,000.
(b) Payment of Liabilities - ₹ 10 , 000.
(c) A commission of 5% allowed to Mr. X , a partner , on sale of assets.
(d) Realisation expenses amounted to ₹ 15,000 . The firm had agreed with Amrit , a partner, to reimburse him up to ₹ 10,000 .
(e) Z , an old customer , whose account for ₹ 6,000 was written off as bad in the previous year , paid 60% of the amount written off .
(f) Investment (Book Value ₹ 10,000) realised at 150 % .

Pass Journal entries for the following : (a) Realisation expenses amounted to ₹ 10,000 were paid by the firm on behalf of Alok , a partner ,with whom it was agreed at ₹ 7,500 . (b) Realisation expenses amounted to ₹ 5,000 it was agreed that the firm will pay ₹ 2,000 and balance by Ravinder , a partner . (c) Dissolution expenses amounted to ₹ 10,000 were paid by Amit , a partner , on behalf of the firm .

Pass Journal entries for the following transactions at the time of dissolution of the firm : (a) Loan of ₹ 10,000 advanced by a partner to the firm was refunded . (b) X , a partner , takes over an unrecorded asset (Typewriter) at ₹ 300. (c) Undistributed balance (Debit) of Profit and Loss Account ₹ 30,000 . The firm has three partners X , Y and Z . (d) Assets of the firm realised ₹ 1,25,000 . (e) Y who undertakes to carry out the dissolution proceedings is paid ₹ 2,000 for the same . (f) Creditors are paid ₹ 28,000 in full settlement of their account of ₹ 30,000.

What Journal entries would be passed for the following transactions on the dissolution of a firm of partners A and B : (i) Old furniture which had been written off in the books was sold for ₹ 20,000 . (ii) 'Z' an old customer whose account for ₹ 10 ,000 was written off as bad debt in the previous year paid 70%. (iii) 'A' agreed to takeover firm's goodwill (Not recorded in the books of a firm ) at ₹ 50,000 . (iv) There was an old computer which had been written off from the books . It was estimated to realise ₹ 5,000 .It is taken by B' a partner at the estimated price less 30 %. (v) Investments costing ₹ 20 ,000 (being 1,000 shares ) , had been written off from the books . These investments (shares) are valued @ ₹ 15 each and divided among the partners in their profit-sharing ratio.

Pass Journal entries for the following transactions : (i) Realisation expenses amounted to ₹ 10 , 000. (ii) Realisation expenses of ₹ 5,000 were paid by the firm on behalf of Taran , a partner . (iii) Realisation expenses of ₹ 5,000 were paid by the firm on behalf of Madan , a partner . (iv) Pawan , a partner was paid remuneration (including expenses) of ₹ 20 , 000 to carry out dissolution of the firm . Actual expenses were ₹ 10 , 000 . (v) Dissolution expenses were ₹ 8 , 000 . Out of the said expenses , ₹ 3,000 were to be borne by the firm and the balance by Ravi , a partner . ₹ 8,000 are paid by the firm . (vi) Dissolution expenses were ₹ 8 ,000, ₹ 3,000 were to be borne by the firm and the balance by Rajib , a partner . The expenses were paid by the partner . (vii) Realisation expenses of ₹ 5,000 were to be borne and paid by Karan , a partner . (viii) Manoj , a partner is to carry out dissolution of the firm at an agreed remuneration of ₹ 10 , 000 . (ix) Dev , a partner is paid remuneration of ₹ 15,000 for dissolution of the firm . Realisation expenses of ₹ 8,000 are paid by the firm . (x) Realisation expenses of ₹ 5,000 were to be borne by Pavit , a partner . However it was paid by Hitesh , another partner .