What Journal entries would be passed for the following transactions on the dissolution of a firm of
Channel: Doubtnut
Date: 2020-03-29

What Journal entries would be passed for the following transactions on the dissolution of a firm of partners A and B : (i) Old furniture which had been written off in the books was sold for ? 20,000 . (ii) \'Z\' an old customer whose account for ? 10 ,000 was written off as bad debt in the previous year paid 70%. (iii) \'A\' agreed to takeover firm\'s goodwill (Not recorded in the books of a firm ) at ? 50,000 . (iv) There was an old computer which had been written off from the books . It was estimated to realise ? 5,000 .It is taken by B\' a partner at the estimated price less 30 %. (v) Investments costing ? 20 ,000 (being 1,000 shares ) , had been written off from the books . These investments (shares) are valued @ ? 15 each and divided among the partners in their profit-sharing ratio.