Question - 04 

What journal entries will be recorded for the following transaction on the dossolution on the dissolution of a firm :

  1. Payment of unrecorded liabilities of Rs. 3,200.
  2. Stock worth Rs. 7,500 is taken by a partner Rohit.
  3. Profit on realization amounting to Rs. 18,000 is to be distributed between the partner Ahish and tarun in the ratio of 5:7.
  4. An unrecorded asset realized Rs. 5,500.

NOTE : Purchase Novbodh book for extra information.