Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:
(a) There was an old furniture in the firm which had been written off completely in the books. This was sold for Rs. 3,000.
(b) Ashish, an old customer whose account for Rs. 1,000 was written off as bad in the previous year, paid 60%, of the amount.
(c) Para agreed to takeover the firm's goodwill (not recorded in the book of the firm), at a valuation of Rs. 30,000.
(d) There was an old typewriter which had been written off completely from the books. It was estimated to realise Rs. 400. It was taken by priya at an estimate price less 25%

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Solution

(a) Bank A/C....... Dr. 3000
To Realisation A/C 3000
(Being unrecorded furniture sold off)

(b) Bank A/C...... Dr. 600
To Realisation A/C 600
(Being cash received on recovery of 60% of bad debt)

(c) Para's Capital A/C..... Dr. 30000
To Realisation A/C 30000
(Being unrecorded asset taken over by Para)

(d) Priya's Capital A/C..... Dr. 300
To Realisation A/C 300
(Being unrecorded asset taken over by Priya at a discount of 25%)

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Q. Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:
(a) There was an old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000.
(b) Ashish, an old customer whose account for ₹ 1,000 was written off as bad in the previous year, paid 60%, of the amount.
(c) Paras agreed to takeover the firm's goodwill (not recorded in the books of the firm), at a valuation of ₹ 30,000.
(d) There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 400. It was taken by Priya at an estimated price less 25%.
(e) There were 100 shares of ₹ 10 each in Star Limited acquired at a cost of ₹ 2,000 which had been written-off completely from the books. These shares are valued @ ₹ 6 each and divided among the partners in their profit-sharing ratio.

Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:

1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for Rs. 3,000.

2. Ashish, an old customer whose account for Rs. 1,000 was written-off as bad in the previous year, paid 60 $%$ , of the amount.

3. Paras agreed to takeover the firm's goodwill (not recorded in the books of the firm), at a valuation of Rs. 30,000.

4. There was an old typewriter which had been written-off completely from the books. It was estimated to realise Rs. 400. It was taken away by Priya at an estimated price less 25 $%$ .

5. There were 100 shares of Rs. 10 each in Star Limited acquired at a cost of Rs. 2,000 which had been written-off completely from the books.

These shares are valued @ Rs. 6 each and divided among the partners in their profit sharing ratio.

Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:

1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for Rs 3,000,

2. Ashish, an old customer whose Account for Rs 1,000 was written-off as bad in the previous year, paid 60%, of the amount,

3. Paras agreed to take over the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs 30,000,

4. There was an old typewriter which had been written-off completely from the books. It was estimated to realize Rs 400. It was taken away by Priya at an estimated price less 25%,

5. There were 100 shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000 which had been written-off completely from the books. These shares are valued @ Rs 6 each and divided among the partners in their profit sharing ratio.

There was an old computer which was written-off in the books of accounts in the previous year. The same has been taken over by a partner Nitin for Rs. 3,000. Journalise the transaction, supposing. That the firm has been dissolved.

There was an old computer which was written off in the books of accounts in the previous year. The same has been taken over by a partner Nitin for Rs. 3,000. Journalise the transaction supposing the firm has been dissolved.

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