Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q af......

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