1. Pass necessary Journal Entries on the dissolution of a partnership firm the following cases: ) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs.10,000. i) Dissolution expenses Rs.8,000 were paid by the partner, M. Dissolution expenses were Rs.5,000. iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.7,000, P agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by P. v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.9,000. N agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by the firm. vi) Qa partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.18,000. Q agreed to take over stock worth Rs.18,000 as his remuneration. The stock had already been fransferred to Realisation Account.

1. Pass necessary Journal Entries on the dissolution of a partnership firm the following cases: ) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs.10,000. i) Dissolution expenses Rs.8,000 were paid by the partner, M. Dissolution expenses were Rs.5,000. iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.7,000, P agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by P. v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.9,000. N agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by the firm. vi) Qa partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.18,000. Q agreed to take over stock worth Rs.18,000 as his remuneration. The stock had already been fransferred to Realisation Account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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