1.

Pass journal entries for the following transactions at the time of dissolution of the firm: (a) Loan of ₹ 10,000 advanced by a partner to the firm was refunded. (b) X, a partner, takes over an unrecorded asset (Typewriter) at ₹ 300. (c) Undistributed balance (Debit) of Profit and Loss Account ₹ 30,000. The firm has three partners X, Y and Z. (d) Assets of the firm realised ₹ 1,25,000. (e) Y who undertakes to carry out the dissolution proceedings is paid ₹ 2,000 for the same Y. (f) Creditors are paid ₹ 28,000 in full settlement of their account of ₹ 30,000.

Answer»

TE YOUR ANSWER ISpartners X, Y and Z.(d) ASSETS of the FIRM REALISED ₹ 1,25,000.(E) Y who undertakes to carry out the dissolution proceedings is paidHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️FOLLOW ME



Discussion

No Comment Found

Related InterviewSolutions