3:- (a) Pass the journal entry when an unrecorded liabilty of Rs 15,000 is settled at Rs 10,000 and paid by X, a partner on the dissolution of the firm ?
(b) Pass a journal entry if a machine having a book value of Rs 15,000 is given to Rakesh, a creditor of Rs 22,000 for Rs 12,000 towards part payment of his dues?
Solution :-
