send mail to firstname.lastname@example.org mentioning your email id and mobileno registered with us! if details not recieved
Resend Opt after 60 Sec.
Please verify your mobile number
Subscribe to Notifications
Stay updated with the latest Current affairs and other important updates regarding video Lectures, Test Schedules, live sessions etc..
Refer & Earn
My Abhipedia Earning
Kindly Login to view your earning
Type your modal answer and submitt for approval
Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q after various assets otherthancash and outside liabilities have been transferred to Realisation Account:
a Stock 2,00,000. 'P' took over 50% of stock at a discount of 10%. Remaining stock was sold at a profit of 25% on cost.
b Debtors 2,25,000. Provision for Doubtful Debts 25,000. 20,000 of the book debts proved bad.
c Land and Building Bookvalue 12, 50, 000 sold for 15,00,000 through a broker who charged 2% commission.
d Machinery Bookvalue 6, 00, 000 was handed over to a creditor at a discount of 10%.
e Investment Bookvalue 60, 000 realised at 125%.
f Goodwill of 75,000 and prepaid fire insurance of 10,000.
g There was an old furniture in the firm which had been written off completely in the books. This was sold for 10,000.
h 'Z' an old customer whose account for 20,000 was written off as bad in the previous year, paid 60%.
i 'P' undertook to pay Mrs. P's loan of 50,000.
j Trade creditors 1,60,000. Half of the trade creditors accepted Plant and Machinery at an agreed valuation of 54,000 and cash in full settlement of their claims after allowing a discount of 16,000. Remaining trade creditors were paid 90% in final settlement.
By: Aman ProfileResourcesReport error
Access to prime resources