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Journal
Date
Particulars
L.F.
Debit
Amount
(Rs)
Credit
Amount
(Rs)
1)
Realisation A/c
Dr.
10,000
To Bank A/c
10,000
(Realisation expenses paid)
2)
No Entry
3)
Y’s Capital A/c
Dr.
20,000
To Realisation A/c
20,000
(Machine taken over by Y)
4)
Realisation A/c
Dr.
20,000
To Z’s Capital A/c
20,000
(Payment of creditors made by Z)
5)
X’s Loan A/c
Dr.
50,000
To Bank A/c
50,000
(Loan repaid)
6)
X’s Capital A/c
Dr.
10,000
Y’s Capital A/c
Dr.
10,000
Z’s Capital A/c
Dr.
10,000
To Profit & Loss A/c
30,000
(Balance of Profit and Loss Account distributed among the partners)
7)
X’s Capital A/c
Dr.
25,000
To Realisation A/c
25,000
(Goodwill taken over by Z)
| Journal | |||||
| Date | Particulars | L.F. | Debit Amount (Rs) |
Credit Amount (Rs) |
|
| 1) | Realisation A/c | Dr. | 10,000 | ||
|
To Bank A/c
|
10,000 | ||||
| (Realisation expenses paid) | |||||
| 2) | No Entry | ||||
| 3) | Y’s Capital A/c | Dr. | 20,000 | ||
|
To Realisation A/c
|
20,000 | ||||
| (Machine taken over by Y) | |||||
| 4) | Realisation A/c | Dr. | 20,000 | ||
|
To Z’s Capital A/c
|
20,000 | ||||
| (Payment of creditors made by Z) | |||||
| 5) | X’s Loan A/c | Dr. | 50,000 | ||
|
To Bank A/c
|
50,000 | ||||
| (Loan repaid) | |||||
| 6) | X’s Capital A/c | Dr. | 10,000 | ||
| Y’s Capital A/c | Dr. | 10,000 | |||
| Z’s Capital A/c | Dr. | 10,000 | |||
|
To Profit & Loss A/c
|
30,000 | ||||
| (Balance of Profit and Loss Account distributed among the partners) | |||||
| 7) | X’s Capital A/c | Dr. | 25,000 | ||
|
To Realisation A/c
|
25,000 | ||||
| (Goodwill taken over by Z) | |||||
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