Pass Journal entries for the following at the time of dissolution of a firm a Sale of Assets minus 5......

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%.

By: Aman