Nandu, Bandu and Chandu were partners in a firm. On 31st March, 2023 they decided to dissolve 

the firm. Pass necessary journal entries for the following transactions after the various assets (other than cash and bank) and outside liabilities have been transferred to Realisation Account:

(i) Stock of Rs. 1,40,000 was taken by Nandu at a discount of 30%. 

(ii) Creditors to whom the firm owed Rs. 40,000 accepted stock at Rs. 4,000 and the balance amount was paid to them by a cheque. 

(iii) An old computer which had been written off completely from the books was sold for Rs. 4,000, whereas its estimated market value was Rs. 10,000. 

(iv) Chandu had given a loan of Rs. 1,00,000 to the firm, which was paid to him through a cheque. 

(v) Rs. 24,000 were recovered from a debtor which was written off as bad debt in the previous year.

(vi) Bandu was appointed to look after the dissolution work for which he was allowed a remuneration of Rs. 26,000. Bandu agreed to bear the dissolution expenses. Actual dissolution expenses of Rs. 36,000 were paid by Bandhu.

Marks-6, CBSE: 2023-24/Zone-2/Set-1/Q-24