A and B share profits and losses in the ratio of 3 : 2. They have deci

1.	A and B share profits and losses in the ratio of 3 : 2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realisation A/c. Pass the journal entries to effect the following : (a) Bank Loan of Rs. 12,000 is paid off. (b) A was to bear all expenses of realisation for which he is given a commission of Rs.. 400. (c) Deferred Advertisement Expenditure A/c appeared in the books at Rs. 28,000. (d) Stock worth Rs. 1,600 was taken over by B at Rs. 1,200. (e) An unrecorded computer realised Rs. 7,000. (f) There was an outstanding bill of repairs for Rs. 2000, which was paid off.
Answer» A and B share profits and losses in the ratio of 3 : 2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realisation A/c. Pass the journal entries to effect the following : (a) Bank Loan of Rs. 12,000 is paid off. (b) A was to bear all expenses of realisation for which he is given a commission of Rs.. 400. (c) Deferred Advertisement Expenditure A/c appeared in the books at Rs. 28,000. (d) Stock worth Rs. 1,600 was taken over by B at Rs. 1,200. (e) An unrecorded computer realised Rs. 7,000. (f) There was an outstanding bill of repairs for Rs. 2000, which was paid off.

A and B share profits and losses in the ratio of 3 : 2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realisation A/c. Pass the journal entries to effect the following : (a) Bank Loan of Rs. 12,000 is paid off. (b) A was to bear all expenses of realisation for which he is given a commission of Rs.. 400. (c) Deferred Advertisement Expenditure A/c appeared in the books at Rs. 28,000. (d) Stock worth Rs. 1,600 was taken over by B at Rs. 1,200. (e) An unrecorded computer realised Rs. 7,000. (f) There was an outstanding bill of repairs for Rs. 2000, which was paid off.

Answer»

A and B share profits and losses in the ratio of 3 : 2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realisation A/c. Pass the journal entries to effect the following :

(a) Bank Loan of Rs. 12,000 is paid off.

(b) A was to bear all expenses of realisation for which he is given a commission of Rs.. 400.

(d) Stock worth Rs. 1,600 was taken over by B at Rs. 1,200.

(e) An unrecorded computer realised Rs. 7,000.

(f) There was an outstanding bill of repairs for Rs. 2000, which was paid off.

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