Pass necessary Journal entries for the following transactions on the dissolution of the
Channel: Doubtnut
Date: 2020-03-29

Pass necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash ) and outside liabilities have been transferred to Realisation Account : (a) Bank Loan ? 12,000 was paid . (b) Stock worth ? 16,000 was taken over by partner Q . (c) Partner P paid a creditor ? 4,000 . (d) An asset not appearing in the books of accounts realised ? 1,200 . (e) Expenses of realisation of ? 2,000 were paid by partner Q . (f) Profit on realisation ? 36,000 was distributed between P and Q in ` 5 : 4 ` ratio .