Question - 03 

Give journal entries for the following transactions :
  1. To record the Realization of various assets and liabilities.
  2. A firm has a stock of Rs. 1,60,000 Aziz a partner took over 50% of the stock at a discount of 20%.
  3. Remaining stock was sold at a profit of 30% on cost.
  4. Land and Building (book value Rs. 1,60,000) sold for Rs. 3,00,000 through a broken who charged 2% commission on the deal.
  5. Plant and Machinery (book value Rs. 60,000) was handed over to a creditor at an agreed valuation of 10% less than the book value.
  6. Investment whose face value was Rs. 4,000 was realized at 50%.

NOTE : Purchase Novbodh book for extra information.