angad raman harshit were partners they decide to dissolve their firm

angad raman harshit were partners they decide to dissolve their firm Q.5. Angad, Raman and Harshit were partners in a nrm. They decided to dissolve their firm. necessary journal entries for the following after various assets (other than cash and bank) and the third party liabilities have been transferred to Realisation Account : (i) There was a stock of 90,000. Raman took over of the stock at discount and remaining stock was sold at 40% profit on book value. (ii) Profit and Loss A/c was showing a debit balance of e 15,000 which was (iii) A machinery which was not recorded in the books was sold fore 2,000. (ivi Angad was paidonly 5,000 (in full settlement) for his loan to the firm which amounted to 5500. (v) Realisation expecses amounting to 5,000 paid by Harshit. (vi' There were 100 shares oft 10 each in DCM Ltd. acquired at a cost oft 1,200 which had been written off completely from the books. These shares are valued at 9 each and divided among partners in their profit sharing ratio.