7 Pass necessary journal entries for the following on the dissolution of the firm of Sudha and Shiva: (i) - Accountancy - Dissolution of Partnership Firm

Question

7 Pass necessary journal entries for the following on the
dissolution of the firm of Sudha and Shiva:
(i) Sudha agreed to pay off her husband?s loan Rs 19,000
(ii) Shiva took over all investments at Rs 13,300
(iii) Creditors Rs 10,000 were paid at 9% discount

Simarjeet Singh · Accepted Answer

Dear Student,
JOURNAL

Date
Particulars
L f
Dr (Amount)
Cr (Amount)

1)
Realisation A/c Dr
To Sudha's Capital A/c
(Being sudha paid loan)

19,000

2)
Shiva's Capital A/c Dr
To Realisation A/c
(Being investment taken by shivam)

13,300

3)
Realisation A/c Dr
To Bank A/c
(Being paid to creditors)

9,100

Regards

Date	Particulars	L.f	Dr.(Amount)	Cr.(Amount)
1)	Realisation A/c Dr. To Sudha's Capital A/c (Being sudha paid loan)		19,000	19,000
2)	Shiva's Capital A/c Dr. To Realisation A/c (Being investment taken by shivam)		13,300	13,300
3)	Realisation A/c Dr. To Bank A/c (Being paid to creditors)		9,100	9,100

7. Pass necessary journal entries for the following on the dissolution of the firm of Sudha and Shiva: (i) Sudha agreed to pay off her husband?s loan Rs.19,000. (ii) Shiva took over all investments at Rs.13,300 (iii) Creditors Rs. 10,000 were paid at 9% discount

7. Pass necessary journal entries for the following on the dissolution of the firm of Sudha and Shiva:
(i) Sudha agreed to pay off her husband?s loan Rs.19,000.
(ii) Shiva took over all investments at Rs.13,300
(iii) Creditors Rs. 10,000 were paid at 9% discount