Pass Journal entries for the following transactions at the time of dissolution of the firm :
Channel: Doubtnut
Date: 2020-03-29

Pass Journal entries for the following transactions at the time of dissolution of the firm : (a) Loan of ? 10,000 advanced by a partner to the firm was refunded . (b) X , a partner , takes over an unrecorded asset (Typewriter) at ? 300. (c) Undistributed balance (Debit) of Profit and Loss Account ? 30,000 . The firm has three partners X , Y and Z . (d) Assets of the firm realised ? 1,25,000 . (e) Y who undertakes to carry out the dissolution proceedings is paid ? 2,000 for the same . (f) Creditors are paid ? 28,000 in full settlement of their account of ? 30,000.