11 :- Pass necessary Journal entries for the following transactions, on the dissolution of a partnership firm of Kavita and Suman on 31st March, 2022, after the various assets (other than cash) and third party liabilities have been transferred to Realisation account.
(a) Kavita took over stock Amounting to Rs 1,00,000 at Rs 90,000.
(b) Creditors of Rs 2,00,000 took over plant and machinery of Rs 3,00,000 in full settlement of their claim.
(c) There was an unrecorded asset of Rs 23,000 which was taken over by Suman at Rs 17,000.
(d) Realisation expenses Rs 2,,000 were paid by Kavita.
(e) Bank loan of Rs 21,000 was paid off.
(f) Loss on dissolution amounted to Rs 7,000.
12 :- Simar, Raja and Rita were partners in a firm sharing profit and losses in the ratio of 2:2:1. The firm was dissolved on 31st March,2019. After the transfer of assets (other than cash) and external liabilties to the Realisation account, the following transactions took place:
(a) A debtor whose debt of Rs 90,000 had been written off as bad, paid Rs 88,000 in full settlement.
(b) Creditors to whom Rs 1,21,000 were due to be paid, accepted stock at Rs 71,000 and the balance was paid to them by a cheque.
(c) Raja had given a loan to the firm of Rs 18,000. He was paid Rs 17,000 in full settlement of his loan.
(d) Investment were Rs 53,000 out of which investments of Rs 43,000 were taken by Simar at Rs 52,000 and the balance of the investments were sold for Rs 12,000.
(e) Expenses on dissolution amounted to Rs 19,000 and the same were paid by the firm.
(f) Profit on dissolution amounted to Rs 30,000.
Pass the necessary Journal entries for the above transactions in the books of the firm.
13 :- Pass necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya :
(a) There was an old furniture in the firm which had been written off completely in the books. This was sold for Rs 3,000.
(b) Ashish, an old customer whose account for Rs 1,000 was written off as bad in the previous year, paid 60%, of the amount.
(c) Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs 30,000.
(d) There was an old typewriter which had been written off completely from the books. It was estimated to realise Rs 400. It was taken by Priya at an estimated price less 25%.
(e) There were 100 shares of Rs 10 each in Star Limited Acquired at a cost of Rs 2,000 which had been written – off completely from the books. These shares are valued @Rs 6 each and divided among the partners in their profit sharing ratio.
14 :- Aman and Harsh were partners in a firm, dissolved their firm. Pass necessary Journal entries for the following after assets (other than cash and bank) and outside liabilities had been transferred to Realisation account ;
(a) Furniture existed in the books at Rs 50,000. Aman took 50% of the furniture at 10% discount.
(b) Profit and loss account had credit balance of Rs 15,000 on the date of dissolution.
(c) Harsh’s loan of Rs 6,000 was settled by paying Rs 5,500.
(d) Firm paid realisation expenses of Rs 5,000 on behalf of Harsh, a partner.
(e) There was a cheque for Rs 1,200 under discount. The cheque was received from Sohan who became insolvent and a first and final dividend of 25% was received from his estate.
(f) Creditors of Rs 6,000, accepted stock of Rs 5,000 at a discount of 5% and the balance in cash.