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Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015 their firm was dissolved. After transferring assets (other than cash and outsider’s liabilities to Realisation Account, you are given the following information : (a) A creditor of ₹ 3,60,000 accepted machinery valued at ₹ 5,00,000 and paid to the firm ₹ 1,40,000. (b) A second creditor for ₹ 50,000 accepted stock ₹ 45,000 in full settlement of his claim. (c) A third creditor amounting to ₹ 90,000 accepted ₹ 45,000 in cash and investments worth ₹ 43,000 in full settlement of his claim. (d) Loss on dissolution was ₹ 15,000. Pass necessary journal entries for the above transactions in the books of firm assuming that all payments were made by cheque. |
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Answer» TE YOUR ANSWER IS(d) Loss on dissolution was ₹ 15,000.Pass necessary journal entries for the above TRANSACTIONS in the books of firm assuming that all payments were made by cheque.HOPE THIS HELPSPLEASEMARK AS BRAINLIEST ❤️❤️ |
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