At the time of dissolution of a partnership firm, the book value of sundry assets transferred to Realisation Account was Rs. 2,00,000. 50% of these sundry assets were taken by partner A at 20% discount, 40% of remaining assets were sold at a profit of 30% on cost. 5% of the balance was found obsolete and realised nothing. The remaining assets were taken over by a creditor in full settlement of his claim. Pass necessary Journal entries for the above. (C.B.S.E. 2019)

SOLUTION

Journal

Date	Particulars	L.F	Amount (Dr.)	Amount (Cr.)
	Cash / Bank A/c Dr. A’s Capital A/c Dr. To Realisation A/c (Assets realised and some assets take by Partner A)		52,000 80,000	1,32,000