lBought one delivery van for rs. 10,000 from the Delhi motor co. , payment to be made by monthly installments of rs.500 each together with interest at 9% first installment paid by cheque. pass journal entry.
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lBought one delivery van for rs. 10,000 from the Delhi motor co. , payment to be made by monthly installments of rs.500 each together with interest at 9% first installment paid by cheque. pass journal entry.
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Answer:
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Explanation:
(a) Partner's Loan A/c Dr. 10000
To Bank A/c 10000
(Being payment of partner's loan)
(b) X's Capital A/c Dr. 300
To Realisation A/c 300
(Being unrecorded asset taken over by partner)
(c) X's Capital A/c Dr. 10000
Y's Capital A/c Dr. 10000
Z's Capital A/c Dr. 10000
To Profit and Loss A/c 30000
(Being debit balance of profit and loss distributed among partners)
(d) Bank A/C..... Dr. 125000
To Realisation A/c 125000
(Being realisation of assets)
(e) Realisation A/c Dr. 2000
To Y's Capital A/c 2000
(Being remuneration given to Y to carry out dissolution)
(f) No entry is passed since creditors are paid in full settlement of their account.