Give the necessary journal entries for the following transactions in case of dissolution of a partnership firm after various assets (other than cash and bank) and third party liabilities have been transferred to Realisation Account:

(i) Dissolution expenses 5,000 were paid by the firm.

(ii) An unrecorded computer not appearing in the books of accounts realised 2,200.

(iii) A creditor for 1,40,000 accepted building valued at 1,80,000 and paid to the firm 40,000.

(iv) Loss on realisation 10,000 was divided between the partners Subhi and Sudha in the ratio of 4 : 1.

Marks-4, CBSE:2019-20/Compartment/Q-15

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