Pass Journal entries for the following at the time of dissolution of firm . (a) Sale of Assets -?
Channel: Doubtnut
Date: 2020-03-29

Pass Journal entries for the following at the time of dissolution of firm . (a) Sale of Assets -? 50,000. (b) Payment of Liabilities - ? 10 , 000. (c) A commission of 5% allowed to Mr. X , a partner , on sale of assets. (d) Realisation expenses amounted to ? 15,000 . The firm had agreed with Amrit , a partner, to reimburse him up to ? 10,000 . (e) Z , an old customer , whose account for ? 6,000 was written off as bad in the previous year , paid 60% of the amount written off . (f) Investment (Book Value ? 10,000) realised at 150 % .