Give journal entries for the following transactions 1. To record the r

1.	Give journal entries for the following transactions 1. To record the realisation of various assets and liabilities. 2. A firm has a stock of Rs. 1,60,000. Aziz, a partner took over 50% of the Stock at a discount of 20%. 3. Remaining Stock was sold at a profit of 30% on cost. 4. Land and Building (book value Rs 1,60,000) sold for Rs 3,00,000 through a broker, who charged 2%, commission on the deal. 5. Plant and Machinery (book value Rs 60,000) was handed over to a Creditor at an agreed valuation of 10 % less than the book value. 6. Investment whose face value was Rs 4,000 was realised at 50%
Answer» Give journal entries for the following transactions 1. To record the realisation of various assets and liabilities. 2. A firm has a stock of Rs. 1,60,000. Aziz, a partner took over 50 $%$ of the Stock at a discount of 20 $%$ . 3. Remaining Stock was sold at a profit of 30 $%$ on cost. 4. Land and Building (book value Rs 1,60,000) sold for Rs 3,00,000 through a broker, who charged 2 $%$ , commission on the deal. 5. Plant and Machinery (book value Rs 60,000) was handed over to a Creditor at an agreed valuation of 10 $%$ less than the book value. 6. Investment whose face value was Rs 4,000 was realised at 50 $%$

Give journal entries for the following transactions 1. To record the realisation of various assets and liabilities. 2. A firm has a stock of Rs. 1,60,000. Aziz, a partner took over 50% of the Stock at a discount of 20%. 3. Remaining Stock was sold at a profit of 30% on cost. 4. Land and Building (book value Rs 1,60,000) sold for Rs 3,00,000 through a broker, who charged 2%, commission on the deal. 5. Plant and Machinery (book value Rs 60,000) was handed over to a Creditor at an agreed valuation of 10 % less than the book value. 6. Investment whose face value was Rs 4,000 was realised at 50%

Answer»

Give journal entries for the following transactions

1. To record the realisation of various assets and liabilities.

2. A firm has a stock of Rs. 1,60,000. Aziz, a partner took over 50 $%$ of the Stock at a discount of 20 $%$ .

3. Remaining Stock was sold at a profit of 30 $%$ on cost.

4. Land and Building (book value Rs 1,60,000) sold for Rs 3,00,000 through a broker, who charged 2 $%$ , commission on the deal.

5. Plant and Machinery (book value Rs 60,000) was handed over to a Creditor at an agreed valuation of 10 $%$ less than the book value.

6. Investment whose face value was Rs 4,000 was realised at 50 $%$