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A dealer buys an article marked at Rs.25000 with 20% and 5% off.He spends Rs.1000 on its repairs and sells it for Rs.25000. What is his gain or loss percent? a.Loss of 25% b. Gain of 25% c.Loss of 10% d.Gain of 10%

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 .