CBSE 2025 · Region 1 · Set 3 · Q24

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Sami and Usha after various assets (other than cash) and external liabilities have been transferred to Realisation Account : (i) Creditors of ₹ $\displaystyle 18,000$ took over all the investments at ₹ $\displaystyle 11$,000. Remaining amount was paid to them through a cheque. (ii) A debtor whose debt of ₹ $\displaystyle 23,000$ was written off as bad paid ₹ $\displaystyle 15,000$ in full settlement. (iii) Usha had given a loan of ₹ $\displaystyle 16,000$ to the firm. She accepted ₹ $\displaystyle 14,000$ in full settlement of her loan. (iv) Stock of the book value of ₹ $\displaystyle 20,000$ was taken over by Sami and Usha in their profit sharing ratio. (v) The firm paid realisation expenses amounting to ₹ $\displaystyle 9,000$ on behalf of Sami. (vi) The firm had furniture of ₹ $\displaystyle 40$,000. Usha took over $\displaystyle 50$% of the furniture at a discount of $\displaystyle 10$% and the remaining furniture was sold at a profit of $\displaystyle 20$% on book value.