Q.12 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE

Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:

1. (a) There was an old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000.
2. (b) Ashish, an old customer whose account for ₹ 1,000 was written off as bad in the previous year, paid 60%, of the amount.
3. (c) Paras agreed to take over the firm’s goodwill (not recorded in the books of the firm), at a valuation of ₹ 30,000.
4. (d) There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 400. It was taken by Priya at an estimated price less 25%.
5. (e) There were 100 shares of ₹ 10 each in Star Limited acquired at a cost of ₹ 2,000 which had been written-off completely from the books. These shares are valued @ ₹ 6 each and divided among the partners in their profit-sharing ratio.