CBSE 2025 · Region 7 · Set 3 · Q17

Lata and Dheeraj were partners in a firm sharing profits and losses in the ratio of $\displaystyle 7$ : 3. On 31st March, $\displaystyle 2024$, the firm was dissolved. After transferring various assets (other than cash) and third-party liabilities to Realisation Account, the following transactions took place : (i) A debtor whose debt of $\displaystyle 40,000$ had been written off as bad, paid ₹ $\displaystyle 37,000$ in full settlement. (ii) Land and building was sold for ₹ $\displaystyle 9,00,000$ through a broker who charged $\displaystyle 50,000$ as commission. (iii) Creditors amounting to ₹ $\displaystyle 36,000$ were paid ₹ $\displaystyle 33,000$ in full settlement. Pass necessary journal entries for the above transactions in the books of Lata and Dheeraj.