The book value of assets (other than cash and bank) transferred to realisation account is Rs. 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30%on cost; 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a creditor, in full settlement of his claim. You are required to record the journal entries for realisation of assets.

The book value of assets (other than cash and bank) transferred to rea

1.	The book value of assets (other than cash and bank) transferred to realisation account is Rs. 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30%on cost; 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a creditor, in full settlement of his claim. You are required to record the journal entries for realisation of assets.
Answer» The book value of assets (other than cash and bank) transferred to realisation account is Rs. 1,00,000. 50 $%$ of the assets are taken over by a partner Atul, at a discount of 20 $%$ ; 40 $%$ of the remaining assets are sold at a profit of 30 $%$ on cost; 5 $%$ of the balance being obsolete, realised nothing and remaining assets are handed over to a creditor, in full settlement of his claim. You are required to record the journal entries for realisation of assets.

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