Page No 8.47:
Question 1:
Land and Building (book value) ` 1,60,000 sold for ` 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
Answer:
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In the books of the firm Journal |
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Date |
Particulars |
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L.F. |
Debit ( `) |
Credit ( `) |
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On the |
Cash/
Bank A/c (3,00,000 – 6,000) |
Dr. |
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2,94,000 |
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Date of |
To Realisation A/c (3,00,000 – 6,000) |
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2,94,000 |
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Dissolution |
(Being
amount realized from land and building after providing for 2% commission to
the broker) |
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Page No 8.47:
Question 2:
New
This question will be available here within two
days
Page No 8.47:
Question 3:
Pass Journal entries in the following cases?
(a) Expenses of realisation ` 1,500.
(b) Expenses of realisation ` 600 but paid by Mohan, a partner.
(c) Mohan, one of the partners of the firm, was asked to look into the
dissolution of the firm for which he was allowed a commission of ` 2,000.
(d) Motor car of book value ` 50,000 taken over by Creditors of the book value of ` 40,000
in full settlement.
Answer:
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Journal |
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S.N. |
Particulars |
L.F. |
Debits Amount ` |
Credit Amount ` |
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(a) |
Realisation A/c |
Dr. |
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1,500 |
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To Cash A/c |
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1,500 |
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(Being Realisation expenses paid) |
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(b) |
Realisation A/c |
Dr. |
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600 |
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To Mohan’s Capital A/c |
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600 |
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(Being Realisation expenses paid by Mohan) |
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(c) |
Realisation A/c |
Dr. |
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2,000 |
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To Mohan’s capital A/c |
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2,000 |
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(Being Commission allowed to Mohan on dissolution of the firm) |
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(d) |
No entry No journal entry is passed because both motor car and Creditors accounts have already been transferred to Realisation Account and nothing is recovered or paid in terms of Cash and Bank |
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Page No 7.48:
Question 4:
New
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days
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