1 :- What journal entry will be passed when the unrecorded furniture of Rs 20,000 is taken by X, a partner at Rs 15,000 on the dissolution of the firm ?
2 :- Land and building (book value) Rs 1,60,000 sold for Rs 3,00,000 through a broker who charged 2% commision on the deal. Journalise the transaction, at the time of dissolution of the firm.
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?
4 :- If a loan from X, a partner, of Rs 22,000 exists in the liabilties side of the balance sheet of the firm and X’s capital account has a debit balance of Rs 2,000.
What journal entry will you pass on payment of such a loan ?
5 :- Pass journal entries in the following cases ?
(a) Expenses of realisation Rs 600 to be borne by the firm and are paid by Mohan, a partner.
(b) Mohan, one of the partners of the firm, was asked to carry out dissolution of the firm for which he was allowed a salary of Rs 20,000. Expenses for dissolution were Rs 5,000.
(c) Motor car of book value Rs 50,000 taken by a creditor for Rs 40,000 in settlement.