CBSE 2024 · Region 5 · Set 2 · Q25

Pass the necessary journal entries for the following transactions on the dissolution of the firm of Abhay and Mansi after various assets (other than cash) and third party liabilities have been transferred to Realisation Account : (i) Abhay took over stock worth ₹ $\displaystyle 67,000$ at ₹ $\displaystyle 56$,000. (ii) There was an old computer which had been written off completely from the books. It was estimated to realise ₹ $\displaystyle 4$,000. It was taken away by Mansi at the estimated price less $\displaystyle 10$% . (iii) Unrecorded liabilities of ₹ $\displaystyle 7.500$ were settled at ₹ $\displaystyle 5$,000. (iv) Realisation expenses amounting to ₹ $\displaystyle 8,000$ were paid by Abhay. (V) Investment, whose face value was ₹ $\displaystyle 15,000$, was realized at $\displaystyle 40$%. (vi) Profit on realisation ₹ $\displaystyle 24,000$ was to be distributed between Abhay and Mansi in their profit sharing ratio which was $\displaystyle 2$ : 1.