The partner decided to dissolve the firm. Required: Given entries in general journal to record the dissolution of the firm considering the following transaction. a) Cash Rs. 25,000 was collected from debtors in full settlement. b) Cash Rs. 72,000 received from the sale of inventory and furniture and fixture. c) Paid off the liabilities in full. d) All the available balance of cash after considering the above transaction distributed among the partners.

The partner decided to dissolve the firm. Required: Given entries in general journal to record the dissolution of the firm considering the following transaction. a) Cash Rs. 25,000 was collected from debtors in full settlement. b) Cash Rs. 72,000 received from the sale of inventory and furniture and fixture. c) Paid off the liabilities in full. d) All the available balance of cash after considering the above transaction distributed among the partners.

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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28. Show solution in good accounting form
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