The book value of assets (other than cash and bank) transferred to Realisation Account is Rs. 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%, 40% of the remaining assets are sold at a profit of 30% on cost, 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a Creditor, in full settlement of his claim. You are required to record the journal entries for realisation of assets.

Book Value of assets (other than cash and bank ) transferred to Realisation Account is ₹ 1,00,000 . 50 % of the assets are taken over by a partner Atul , at a discount of 20% , 40% of the remaining assets are sold at a profit of 30% on cost , 5% of the balance being obsolete , realised nothing and remaining assets are handed over to a Creditor , in full settlement of his claim. You are required to record the Journal entries for realisation of assets .

What is percentage profit in selling an article at a discount of 20% which was earlier being sold at a 40% profit?

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 %.