Chanda, Tara and Nisha were partners in a firm sharing profits and losses in the ratio of 3: 2:1. They decided to dissolve the firm on 31st March, 2021, Pass necessary Journal Entries for the following transactions after all assets (other than cash and bank) and third party liabilities have been transferred to Realisation Account. 

(i) A typewriter completely written off from the books was sold for 9,000. 

(ii) Chanda took over stock worth 96,000 at 84,000. 

(iii) Nisha was to get remuneration of 42,000 for completing the dissolution process. 

(iv) Creditors of 23,500 took over all the investments at 10,000. Remaining amount was paid to them in Cash.  

(v) Sundry Creditors amounting to 40,000 were settled at a discount of 10%. 

Marks-5, CBSE:2021-22/Term-2/Zone-1/Set-1/Q-7*

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