Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.
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Simar, Raja and Rita were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm was dissolved on 31st March, 2019.
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Nisha, Kamal and Vijay has an automobile spare parts business. Due to strained relationship among the partners, they were unable to take collective decisions for the growth of business.
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The firm of Manjeet, Sujeet and Jagjeet was dissolved on 31st March, 2018. It was agreed that Sujeet will take care of the dissolution related activities and will get 10% of the value of assets realised.
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Pass, Journal entries for the following at the time of dissolution of the firm of X and Y after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account:
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Charu, Dhwani, Iknoor and Paavni were partners in a firm. They had entered into partnership firm last year only, through a verbal agreement.
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Creditors of ₹ 85,000 accepted ₹ 40,000 as cash and investment of ₹ 43,000, in full settlement of their claim.
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Realisation expenses were ₹ 10,000 and paid by the firm on behalf of Alok, a partner, with whom it was agreed at ₹ 7,500.
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Realisation expenses of ₹ 10,000 were to be borne by Mohan, a partner, but were paid by the firm.
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Expenses of realisation ₹ 600 to be borne by the firm and are paid by Mohan, a partner.
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