CBSE 12th Accountancy 2025 Set 1 Solved Paper Q24 Partnership Dissolution Journal Entries
Автор: Armand Academy
Загружено: 2025-12-12
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Pass the necessary journal entries for the following transactions on the dissolution of a partnership firm of Vibha and Ajit after various assets (other than cash) and external liabilities have been transferred to Realisation Account :
(i) Creditors worth ₹ 46,000 accepted ₹ 9,000 cash and furniture of ₹ 32,000 in full settlement of their claim.
(ii) The firm had stock of ₹ 20,000. Ajit took over 40% of the stock at a discount of 10% while the remaining stock was sold for ₹ 18,000.
(iii) Vibha was appointed to look after dissolution work for which she was allowed a remuneration of ₹ 16,000. Vibha agreed to bear the dissolution expenses. Actual dissolution expenses ₹ 15,000 were paid by Vibha.
(iv) Ajit’s loan of ₹ 45,000 was settled at ₹ 42,000.
(v) A machine which was not recorded in the books was taken over by Vibha at ₹ 23,000, whereas its expected value was ₹ 28,000.
(vi) The firm had a debit balance of ₹ 20,000 in the Profit and Loss Account on the date of dissolution.
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