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Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets otherthanCashandBank
and the third party liability have been transferred to Realisation Account:
a Kunal agreed to pay off his wife's loan of 6,000.
b Total Creditors of the firm were 40,000. Creditors worth 10,000 were given a piece of furniture costing 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10%.
c Rohit had given a loan of 70,000 to the firm which was duly paid.
d A machine which was not recorded in the books was taken over by Kunal at 3,000, whereas its expected value was 5,000.
e The firm had a debit balance of 15,000 in the Profit and Loss Account on the date of dissolution.
f Sarthak paid the realisation expenses of 16,000 out of his private funds, who was to get a remuneration of 15,000 for completing dissolution process and was responsible to bear all the realisation expenses.
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