Give journal entriesfor the following transactions:1. To record theRea

1.	Give journal entriesfor the following transactions:1. To record theRealisation of various assets and liabilities,2. A Firm has a Stockof Rs 1,60,000. Aziz, a partner took over 50% of the Stock at adiscount of 20%,3. Remaining Stock wassold at a profit of 30% on cost,4. Land and Buildging(book value Rs 1,60,000) sold for Rs 3,00,000 through a broker whocharged 2%, commission on the deal,5. Plant and Machinery(book value Rs 60,000) was handed over to a Creditor at an agreedvaluation of 10% less than the book value,6. Investment whoseface 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 Buildging (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 entriesfor the following transactions:1. To record theRealisation of various assets and liabilities,2. A Firm has a Stockof Rs 1,60,000. Aziz, a partner took over 50% of the Stock at adiscount of 20%,3. Remaining Stock wassold at a profit of 30% on cost,4. Land and Buildging(book value Rs 1,60,000) sold for Rs 3,00,000 through a broker whocharged 2%, commission on the deal,5. Plant and Machinery(book value Rs 60,000) was handed over to a Creditor at an agreedvaluation of 10% less than the book value,6. Investment whoseface 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 Buildging
(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%.