1.

X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1 respectively. The firm was dissolved on 1st March, 2013. After transferring assets (other than cash) and third party liabilities to the Realisation Account you are provided with the following information: (a) There was a balance of ₹ 18,000 in the firm’s Profit and Loss Account. (b) There was an unrecorded bike of ₹ 50,000 which was taken over by X. (c) Creditors of ₹ 5,000 were paid ₹ 4,000 in full settlement of accounts. Pass necessary journal entries for the above at the time of dissolution of firm.

Answer» TE YOUR ANSWER ISa) There was a balance of ₹ 18,000 in the firm’s Profit and Loss ACCOUNT.(b) There was an unrecorded bike of ₹ 50,000 which was taken over by X.(C) Creditors of ₹ 5,000HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️FOLLOW ME


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