Pass Journal entries for following transactions on the dissolution of a firm of partners A and B ,
Channel: Doubtnut
Date: 2020-03-29

Pass Journal entries for following transactions on the dissolution of a firm of partners A and B , after various assets (other than cash ) and outside liabilities have been transferred to Realisation Account ? (i) \'A\' took `50%` of the stock at a discount of 20 % . Remaining stock was sold at a profit of `30%` on cost . (Book value of stock given in the Balance sheet before dissolution was ? 4,00,000 ). (ii) Debtors ? 2, 64 , 000 . Provision for Doubtful Debts : ? 24, 000 , ? 48 , 000 of the book debts proved bad . (iii) Building (Book value ? 5,00,000) sold for ? 8,00,000 through a broker who charged 2 % commission. (iv) Machinery (Book value ? 6,00,000) was given to a creditor at a discount of 20% (v) Investments (Book value ? 40 , 000) realised at 150 %.