I want perfect answer otherwise I will give downvotes P and Q share profits and losses in 5: 3. What Journal entries would bepassed for the following transactions on the dissolution of their firm, after variousassets (other than cash) and third party liabilities have been transferred toRealisation Account?) Profit and Loss Account (Dr. Balance) appeared in the books at Rs.30,000N) Pwas asked to look into the dissolution of the firm for which he was alloweda commission of Rs.2,500.ii) Q took over part of the stock at Rs.6,400 (being 20% less than the bookvalue).iv) An unrecorded liability amounting to Rs.10,000 was settled at Rs.8,000.v) Motor Car of the book value of Rs.80,000 taken over by Creditors of the bookvalue of Rs.60,000 in full settlement.

Based on given data the journal entries are passed

P and Q share profits and losses in 5:3. What Journal entries would be passed for the following transactions on the dissolution of their firm, after varioue assets (other than cash) and third party liabilities have been transferred to Realisation Account? ) Profit and Loss Account (Dr. Balance) appeared in the books at Rs.30,000. ) Pwas asked to look into the dissolution of the firm for which he was allowed a commission of Rs.2,500. il) Q took over part of the stock at Rs.6,400 (being 20% less than the book value). iv) An unrecorded liability amounting to Rs.10,000 was settled at Rs.8,000. v) Motor Car of the book value of Rs.80,000 taken over by Creditors of the book value of Rs.60,000 in full settlement,

P and Q share profits and losses in 5:3. What Journal entries would be passed for the following transactions on the dissolution of their firm, after varioue assets (other than cash) and third party liabilities have been transferred to Realisation Account? ) Profit and Loss Account (Dr. Balance) appeared in the books at Rs.30,000. ) Pwas asked to look into the dissolution of the firm for which he was allowed a commission of Rs.2,500. il) Q took over part of the stock at Rs.6,400 (being 20% less than the book value). iv) An unrecorded liability amounting to Rs.10,000 was settled at Rs.8,000. v) Motor Car of the book value of Rs.80,000 taken over by Creditors of the book value of Rs.60,000 in full settlement,

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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