What Journal entries would be passed in the books of Raja and Nawab sharing profits and losses in the ratio of 5 : 2, for the following transactions on the dissolution of a firm, after various assets (other than cash) and third party liabilities have been transferred to Realisation Account?

(i) Bank Loan ₹ 25,000 is paid.

(ii) Stock of ₹ 10,000 is taken by partner Raja.

(iii) Expenses on dissolution of ₹ 5,000 were paid by Nawab.

(iv) A typewriter written off in the books of account was sold for ₹ 500.

(v) Loss on Realisation ₹ 14,000.

Anurag Pathak Changed status to publish February 10, 2024
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