Record necessaryjournal entries to record the following unrecorded ass

1.	Record necessaryjournal entries to record the following unrecorded assets andliabilities in the books of Paras and Priya:1. There was an oldfurniture in the firm which had been written-off completely in thebooks. This was sold for Rs 3,000,2. Ashish, an oldcustomer whose Account for Rs 1,000 was written-off as bad in theprevious year, paid 60%, of the amount,3. Paras agreed to takeover the firm’s goodwill (not recorded in the books of thefirm), at a valuation of Rs 30,000,4. There was an oldtypewriter which had been written-off completely from the books. Itwas estimated to realize Rs 400. It was taken away by Priya at anestimated price less 25%,5. There were 100shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000which had been written-off completely from the books. These sharesare valued Rs 6 each and divided among the partners in their profitsharing ratio.
Answer» Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya: 1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for Rs 3,000, 2. Ashish, an old customer whose Account for Rs 1,000 was written-off as bad in the previous year, paid 60%, of the amount, 3. Paras agreed to take over the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs 30,000, 4. There was an old typewriter which had been written-off completely from the books. It was estimated to realize Rs 400. It was taken away by Priya at an estimated price less 25%, 5. There were 100 shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000 which had been written-off completely from the books. These shares are valued Rs 6 each and divided among the partners in their profit sharing ratio.

Record necessaryjournal entries to record the following unrecorded assets andliabilities in the books of Paras and Priya:1. There was an oldfurniture in the firm which had been written-off completely in thebooks. This was sold for Rs 3,000,2. Ashish, an oldcustomer whose Account for Rs 1,000 was written-off as bad in theprevious year, paid 60%, of the amount,3. Paras agreed to takeover the firm’s goodwill (not recorded in the books of thefirm), at a valuation of Rs 30,000,4. There was an oldtypewriter which had been written-off completely from the books. Itwas estimated to realize Rs 400. It was taken away by Priya at anestimated price less 25%,5. There were 100shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000which had been written-off completely from the books. These sharesare valued Rs 6 each and divided among the partners in their profitsharing ratio.

Answer»

Record necessary
journal entries to record the following unrecorded assets and
liabilities in the books of Paras and Priya:

1. There was an old
furniture in the firm which had been written-off completely in the
books. This was sold for Rs 3,000,

2. Ashish, an old
customer whose Account for Rs 1,000 was written-off as bad in the
previous year, paid 60%, of the amount,

3. Paras agreed to take
over the firm’s goodwill (not recorded in the books of the
firm), at a valuation of Rs 30,000,

4. There was an old
typewriter which had been written-off completely from the books. It
was estimated to realize Rs 400. It was taken away by Priya at an
estimated price less 25%,

5. There were 100
shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000
which had been written-off completely from the books. These shares
are valued Rs 6 each and divided among the partners in their profit
sharing ratio.

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