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 .

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 .

What journal entries would be recorded for the following transactions on the dissolution of a firm after various assets (other than cash) on the third party liabilities have been transferred to Reliasation account. 1. Arti took over the Stock worth Rs. 80,000 at Rs. 68,000. 2. There was unrecorded Bike of Rs. 40,000 which was taken over By Mr. Karim. 3. The firm paid Rs. 40,000 as compensation to employees. 4. Sundry creditors amounting to Rs. 36,000 were settled at a discount of 15%. 5. Loss on realisation Rs. 42,000 was to be distributed between Arti and Karim in the ratio of 3:4.

Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q after various assets (other than cash ) and outside liabilities have been transferred to Realisation Account : (a) Stock ₹ 2,00 ,000 . P took over 50% of stock at a discount of 10% . Remaining stock was sold at a profit of 25% on cost . (b) Debtors ₹ 2,25,000 . Provisions for Doubtful Debts ₹ 25,000 . ₹ 20,000 of the book debts proved bad . (c) Land and Building (Book value ₹ 12,50,000) sold for ₹ 15,00,000 through a broker who charged 2% commission. (d) Machinery (Book value ₹ 6,00,000) was handed over to a creditor at a discount of 10% . (e) Investment (Book value ₹ 60,000 ) realised at 125 % . (f) Goodwill of ₹ 75,000 and prepaid fire insurance of ₹ 10 , 000 . (g) There was an old furniture in the firm which had been written off completely in the books . This was sold for ₹ 10,000 . (h) Z an old customer whose accounts for ₹ 20,000 was written off as bad in the previous year , paid 60% . (i) P undertook to pay Mrs. P's loan of ₹ 50,000 . (j) Trade creditors ₹ 1, 60, 000 . Half of the trade creditors accepted Plant and Machinery at an agreed valuation of ₹ 54, 000 and cash in full settlement of their claims after allowing a discount of ₹ 16,000 . Remaining trade creditors were paid 90% in final settlement .

Pass Journal entries for following transactions on the dissolution of a firm of partners A and B , after various assets (other than cash ) and outside liabilities have been transferred to Realisation Account ? (i) 'A' took 50% of the stock at a discount of 20 % . Remaining stock was sold at a profit of 30% on cost . (Book value of stock given in the Balance sheet before dissolution was ₹ 4,00,000 ). (ii) Debtors ₹ 2, 64 , 000 . Provision for Doubtful Debts : ₹ 24, 000 , ₹ 48 , 000 of the book debts proved bad . (iii) Building (Book value ₹ 5,00,000) sold for ₹ 8,00,000 through a broker who charged 2 % commission. (iv) Machinery (Book value ₹ 6,00,000) was given to a creditor at a discount of 20% (v) Investments (Book value ₹ 40 , 000) realised at 150 %.

Aman and Harsh were partners in a firm . They decided to dissolve their firm . Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third party liabilities have been transferred to Realisation Account : (a) There was furniture worth ₹ 50,000 . Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value . (b) Profit and Loss Account was showing a credit balance of ₹ 15,000 on the date of dissolution . (c) Harsh's loan of ₹ 6,000 was discharged at ₹ 6,200 . (d) The firm paid realisation expenses amounting to ₹ 5,000 on behalf of Harsh who had to bear these expenses. (e) There was a bill for ₹ 1,200 under discount . The bill was received from Sohan who proved insolvent and a first and final dividend of 25 % was received from his estate . (f) Creditors , to whom the firm owed ₹ 6,000 , accepted stock of ₹ 5,000 at a discount of 5% and the balance in cash.

Rohit , Kunal and Sarthak are partners in a firm . They decided to dissolve their firm . Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third party liability have been transferred to Realisation Account : (a) Kunal agreed to pay off his wife's loan of ₹ 6,000 . (b) Total Creditors of the firm were ₹ 40,000 . Creditors worth ₹ 10,000 were given a piece of furniture costing ₹ 8,000 in full and final settlement . Remaining Creditors allowed a discount of 10% . (c) Rohit had given a loan of ₹ 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at ₹ 3,000 , whereas its expected value was ₹ 5,000 . (e) The firm had a debit balance of ₹ 15,000 in the Profit and Loss Account on the date of dissolution . (f) Sarthak paid the realisation expenses of ₹ 16,000 out of his private funds , who was to get a remuneration of ₹ 15,000 for completing dissolution process and was responsible to bear all the realisation expenses.

The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries for the following after various assets (other than cash and Bank) and the third party liabilities had been transferred to realisation account. (i) K agreed to pay off his wife’s loan of ₹ 6,000. (ii) Total Creditors of the firm were ₹ 40,000. Creditors worth ₹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement. Remaining creditors allowed a discount of 10%. (iii) A machine that was not recorded in the books was taken over by K at ₹ 3,000 whereas its expected value was ₹ 5,000. (iv) The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on the date of dissolution.