What journal entries will be recorded for the following transactions on the dissolution of a firm:
[a] Payment of unrecorded liabilities of Rs 3,200.
[b] Stock worth Rs 7,500 is taken by a partner Rohit.
[c] Profit on Realisation amounting to Rs 18,000 is to be distributed between the partners Ashish and Tarun in the ratio of 5:7.
[d] An unrecorded asset realised Rs 5,500.
Journal |
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Particulars |
L.F. |
Amount Rs |
Amount Rs |
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(a) |
Realisation A/c |
Dr. |
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3,200 |
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To Bank A/c |
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3,200 |
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(Unrecorded liabilities paid) |
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(b) |
(Rohit’s Capital A/c |
Dr. |
|
7,500 |
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To Realisation A/c |
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7,500 |
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(Stock is taken over by Rohit) |
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(c) |
Realisation A/c |
Dr. |
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18,000 |
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To Ashish’s Capital A/c |
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7,500 |
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To Tarun’s Capital A/c |
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10,500 |
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(Profit on Realisation is transferred to Partners’ Capital Account) |
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(d) |
Bank A/c |
Dr. |
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5,500 |
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To Realisation A/c |
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5,500 |
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(Unrecorded asset sold) |
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