Give the journal entries for the …

Pass Journal entries for the following transactions at the time of dissolution of the firm:
(a) Loan of Rs. 10,000 advanced by a partner to the firm was refunded.
(b) X, a partner, takes over an unrecorded asset (Typewriter) at Rs. 300.
(c) Undistributed balance (Debit) of profit an Loss Account Rs. 30,000. The firm has three partners X, Y and Z.
(d) Assets of the firm realised Rs. 1,25,000.
(e) Y who undertakes to carry out the dissolution proceeding is paid Rs, 2,000 for the same.
(f) Creditors are paid Rs. 28,000 in full settlement of their account of Rs. 30,000.

Answer:

(a) Partner's Loan A/c              Dr.                     10000

              To Bank A/c                                                       10000

(Being payment of partner's loan)

(b) X's Capital A/c                   Dr.                     300

              To Realisation A/c                                        300

(Being unrecorded asset taken over by partner)

(c) X's Capital A/c                    Dr.                     10000

    Y's Capital A/c                     Dr.                     10000

     Z's Capital A/c                    Dr.                      10000

                To Profit and Loss A/c                                     30000

(Being debit balance of profit and loss distributed among partners)

(d) Bank A/C.....                             Dr.                   125000

                  To Realisation A/c                                          125000

(Being realisation of assets)

(e) Realisation A/c                   Dr.                      2000

                  To Y's Capital A/c                                         2000

(Being remuneration given to Y to carry out dissolution)

(f) No entry is passed since creditors are paid in full settlement of their account.