(i) Debtors were of Rs. 62,100. Anju takes over debtors amounted to Rs. 60,000 at Rs. 58,600 and the remaining debtors were sold to a debt collecting agency at 50% of the value. |
(ii) Sundry assets were of Rs. 58,500. Manju is to take over some sundry assets at Rs. 36,000 (being 10% less than the book value). Sanju is to take over remaining sundry assets at 80% of the book value. |
(iii) Sanju assumes the responsibility of discharge of Mrs Sanju's loan of Rs. 5,750 together with accrued interest of Rs. 1,150. |
Answer:
JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr) (i) Anju's Capital A/c Dr 58,600 To Realisation A/c 58,600 (Being some debtors taken over by Anju) Cash/Bank A/c \[\left[ \left( 62,100-60,000 \right)\times 50/100 \right]\] Dr 1,050 To Realisation A/c 1,050 (Being the remaining debtors sold to a debt collecting agency) (ii) Manju's Capital A/c Dr 36,000 To Realisation A/c 36,000 (Being sundry assets of value Rs. \[Rs.\,40,000\left( 36,000\times \frac{100}{90} \right)\] taken over by Manju at Rs. 36,000) Sanju's Capital A/c \[\left[ \left( 58,500-40,000 \right)\,\times \,80/100 \right]\] Dr 14,800 To Realisation A/c 14,800 (Being the remaining sundry assets taken over by Sanju) (iii) Realisation A/c Dr 6,900 To Sanju's Capital A/c (5,750 + 1,150) 6,900 (Being Mrs Sanju's loan paid by Sanju)
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