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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Pass the Journal entry when an unrecorded liability of ₹ 15,000 is settled at ₹ 10,000 and paid by X, a partner on the dissolution of a firm?
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Land and Building (Book Value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
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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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