Chapter 8 – Dissolution of a Partnership Firm – TS Grewal 2021
Question 2
(a) What Journal entry will be passed when an unrecorded liability of 15000 is settled at 10000 and paid by X, a partner on the dissolution of a firm?
(b) What Journal entry will be passed when a machine having a book value of 15000 is given to Rakesh, a creditor of 22000 at an agreed valuation of 12000 towards partial payment of his dues?
Solution:
What journal entry will be passed when an Unrecorded Liability of 15000
