ILLUSTRATION 14:The amount of sundry assets transferred to Realisation Account was $ 80,000. 60% of them have been sold at a profit of $ 2,000. 20% of the remaining were sold at a discount of 30% and remaining were taken over by David (a partner) at book value. Journalise.

ILLUSTRATION 14:The amount of sundry assets transferred to Realisation Account was $ 80,000. 60% of them have been sold at a profit of $ 2,000. 20% of the remaining were sold at a discount of 30% and remaining were taken over by David (a partner) at book value. Journalise.

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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Question

ILLUSTRATION 14:The amount of sundry assets
transferred to Realisation Account was $ 80,000. 60%
of them have been sold at a profit of $ 2,000. 20% of
the remaining were sold at a discount of 30% and
remaining were taken over by David (a partner) at
book value. Journalise.

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