Please Give Journal Entries
Please Give Journal Entries S earu/, Priyanka are partners, dissolve tile Journal entries for 't'e variouf, Assets (othe' party liabilities have been transferred 10 Realisation Account, There total Debtors of 76,000. A Proviüon for the •1 Debtors worth Rs.12.OOO have been proved and the potd the amowvt doe. Pan-ni agreed to pay oft her husband's loan of at a da•.count of which is not recorded in the books was taken Over by Payol whereas value Rs5000. A Contingent liability (not provided in the books) of RsOOO() was alos discharged. The Ead a debtt balance Of RS27,COO In the Profit and Loss Account on the date Of Priyanka Realisation Expenses or Rs.15,OOO out of her pocket and she was to get a remuneritton c' RsISJXiJ for cornp!etine the dissolution process.

Dear Student


 
 
Date Particulars    Debit   Credit 
1 Cash A/c  (76,000 - 12,000) Dr.               64,000  
    To Realisation A/c                   64,000
  (Being debtor encashed and some proved to be bad)      
         
2 Realisation A/c  Dr.                 6,650  
    To Parul's Capital A/c (7,000 - 5%)                     6,650
  (Being parul agreed to dispose her husband loan at 5% discount)      
         
3 Payal's Capital A/c Dr.                 3,000  
    To Realisation A/c                     3,000
  (Being unrecorded machine taken over)      
         
4 Realisation A/c Dr.                 4,000  
    To Cash A/c                     4,000
  (Being contingent liability paid)      
         
5 Parul's Capital A/c Dr.                 9,000  
  Payal's Capital A/c Dr.                 9,000  
  Priyanka's Capital A/c Dr.                 9,000  
    To Profit and Loss A/c                   27,000
  (Being profit and loss closed in capital account)      
         
6 Realisation A/c (15,000 + 18,000) Dr.               33,000  
    To Priiyanka's Capital A/c                   33,000
  (Being priyanka paid realisation expenses of rs 15,000 also her remuneration due)      



Regards

  • 4
What are you looking for?