Pass necessary Journal entries to record the following unrecorded assets and liabilities in the e
Channel: Doubtnut
Date: 2020-03-29

Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya : (a) There was an old furniture in the firm which had been written off completely in the books . This was sold for ? 3,000 . (b) Ashish , an old customer whose account for ? 1,000 was written off completely in the books . This was sold for ? 3,000 . (b) Ashish , an old customer whose account for ? 1,000 was written off as bad in the previous year , paid 60% of the amount. (c) Paras agreed to takeover the firm\'s goodwill (not recorded in the books of the firm ) , at a valuation of ? 30,000. (d) There was an old typewriter which had been written off completely from the books . It was estimated to realise ? 400. It was taken by Priya at an estimated price less 25 % . (e) There were 100 shares of ? 10 each in Star Limited acquired at a cost of ? 2,000 which had been written off completely from the books . These shares are valued @ ? 6 each and divided among the partners in their profit-sharing ratio.