Record necessary journal entries to record the following unrecorded assets and liabilities in the
Channel: Doubtnut
Date: 2021-11-02

Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:  1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for Rs. 3,000,   2. Ashish, an old customer whose account for Rs. 1,000 was written-off as bad in the previous year, paid 60%, of the amount,   3. Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs. 30,000,   4. There was an old typewriter which had been written-off completely from the books. It was estimated to realize Rs. 400. It was taken away by Priya at an estimated price less 25%,  5. There were 100 shares of Rs. 10 each in Star Limited acquired at a cost of Rs. 2,000 which had been written-off completely from the books. These shares are valued @ Rs. 6 each and divided among the partners in their profit sharing ratio.