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Pass Journal entries for the following at the time of dissolution of a firm:
a Sale of Assets − 50,000.
b Payment of Liabilities − 10,000.
c A commission of 5% allowed to Mr. X, a partner, on sale of assets.
d Realisation expenses amounted to 15,000. The firm had agreed with Amrit, a partner, to reimburse him up to 10,000.
e Z, an old customer, whose account for 6,000 was written off as bad in the previous year, paid 60% of the amount written off.
f Investment BookValue 10, 000 realised at 150%.
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