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CBSE Class 12-commerce Answered

Aisha and Afreen are partners sharing profits and losses equally.They decided to dissolve their firm .After dissolution the partners decided to open a home for homeless people in the nearby locality .Give the journal entries for the settlement of the following alternative cases assuming that account of asset and liabilities are already closed. a.Abir a creditor for Rs. 25000 accepted furniture at Rs.36000 in full settlement of his claim. b.Azarya a creditor of Rs.25000 accepted furniture at Rs.20000 and balance in cash. c.Ayaan a creditor of Rs.30000 agreed to take machinery at Rs. 48000 , book value Rs. 50000 in full settlement of claim.He paid balance amount to the firm. d.Abida a creditor of Rs.20000  (unrecorded )agreed to accept computer (unrecorded) at Rs.15000 plus Rs. 2000 in full settlement of her claim. e.loss on dissolution 12000
Asked by Shruti | 18 Jan, 2018, 05:52: PM
answered-by-expert Expert Answer
The above question is quite simple question with no complex adjustment involved. All the adjustments are simply relate to settlement of assets and liabilities. We suggest you to try the questions once and send us the solution carried out by you. For your reference you may use the explanation slides of you class. Also, similar questions with solutions are already available at our site, you can browse the same if required.
 
Search for TS Grewal Solutions and NCERT Solutions for the chapter Dissolution of Partnership Firm.
 
In case of any doubt, please do reach us. All the best for your Exam!!!
Answered by | 19 Jan, 2018, 10:37: AM

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