question_answer

Pass necessary journal entries for recording the following transactions at the time of dissolution of the firm.

(i) Z, a partner agreed to pay off his wife's loan Rs. 20,000.

(ii) X, a partner takes over an unrecorded asset (typewriter) at Rs. 300.

(iii) Undistributed balance (debit) of profit and loss account Rs. 30,000. The firm has three partners X, Y and Z.

(iv) Y who undertakes to carry out the dissolution proceedings is allowed Rs. 2,000 for the same.

(v) Partner Y's loan paid off Rs. 10,000.

(vi) Rs. 10,000 bills payable settled at Rs. 8,000.

Answer:

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