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Answer

Suman and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 1. The firm was dissolved on 31st March 2019. Pass the necessary Journal entries for the following transactions after various assets (other than cash in hand and a bank) and third-party liabilities have been transferred to Realisation Account.

Solution:-

Anurag Pathak
July 27, 2023

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:

Solution:-

Anurag Pathak
July 27, 2023

Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after assets

Solution:-

Anurag Pathak
July 27, 2023

Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.

Solution:-

Anurag Pathak
July 27, 2023

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.

Solution:-

Anurag Pathak
July 27, 2023

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.

Solution:-

Anurag Pathak
July 27, 2023

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.

Solution:-

Anurag Pathak
July 27, 2023

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:

Solution:-

Anurag Pathak
July 27, 2023

Charu, Dhwani, Iknoor and Paavni were partners in a firm. They had entered into partnership firm last year only, through a verbal agreement.

Solution:-

Anurag Pathak
July 27, 2023

Creditors of ₹ 85,000 accepted ₹ 40,000 as cash and investment of ₹ 43,000, in full settlement of their claim.

Solution:-

Anurag Pathak
July 27, 2023