CBSE 2023 · Region 4 · Set 3 · Q23

Pass necessary journal entries for the following transactions on the dissolution of a firm after various assets (other than cash) and outside liabilities have been transferred to Realisation Account : (i) Realisation expenses of the firm amounting to ₹ $\displaystyle 2,600$ were paid by partner, Aman. (ii) A creditor of ₹ $\displaystyle 4,500$ took over stock valued at ₹ $\displaystyle 5,200$ in full settlement. (iii) An unrecorded asset realised ₹ $\displaystyle 3$,500. (iv) Remaining creditors amounting to ₹ $\displaystyle 20,000$ were paid at a discount of $\displaystyle 5$%. (v) Remaining stock of ₹ $\displaystyle 30,000$ was taken over by Bimal, a partner, at a discount of $\displaystyle 20$%. (vi) Investment whose face value was ₹ $\displaystyle 10,000$ was realised at $\displaystyle 40$% .