Question - 01 (A)

'A' and 'B' are partners in a firm. what entries you should make when the firm is dissolved on the following conditions : 
  1. Dissoluation expenses Rs. 500.
  2. The realized amount of an unrecorded assets in the book showed Rs. 2,500.
  3. The stock of Rs. 2,000 is trasferred to Realization account which was taken by 'A'.
  4. Rs. 3,000 is paid to creditors.
  5. Profit on realization Rs. 4,000 is shared by 'A' and 'B' in the ratio of 3:1.

Question - 01 (B)

X and Y are partners in a firm pass journal entries when the firm is dissolved on the following conditions :
  1. Amount realized from an unrecorded asset Rs. 8,000.
  2. Rs. 3,000 were paid in cash to creditors.
  3. Stock trasferred to realization account was sold for Rs. 2,000.
  4. Rs. 10,000 were realized from investments.
  5. Dissolution expenses paid in Rs. 800.
  6. Profit on Realization Rs. 6,000 is shared by X and Y in the ratio of 3:1.

Question - 01 (C)

Pass journal entries on the dissolution of a firm from the given informations:
  1. Rs. 1,500 realized from an unrecorded asset.
  2. Paid realization expenses Rs. 1,000.
  3. Debtors trasferred to realization account realized Rs. 48,000.
  4. Stock Rs. 7,100 trasferred to realization account was taken over by an partner B for Rs. 5,000.
  5. Creditors trasferred to realization account paid off Rs. 30,000.
  6. Realization profit Rs. 12,000 to be distribution among B and D in the ratio of 7:5.
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