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Rohit & Suresh are in partnership …

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Rohit & Suresh are in partnership sharing profits in the ratio of 2: 3. On March 31,2005, they agree to dissolve the business. Pass necessary journal entries at the time of dissolution of the firm to record the following: (a) Realisation expenses amounted to Rs. 1,000. (b) Deferred revenue advertising expenditure appeared in the books at Rs. 60,000. (c) P & L Account on the asset side of the balance sheet was Rs. 30,000. (d) An unrecorded asset of Rs. 3,000 was taken over by Suresh. (e) Liabilities amounting to Rs. 24,000 already transferred to Realization Account, were settled at Rs. 22,000. (f) Loan to Rohit was adjusted through his Capital Account, Rs. 15,000.

Posted by Dishika Atri 2 years, 10 months ago

CBSE > Class 12 > Accountancy

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Vidya Sruthi 1 year, 2 months ago

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