Land and Building (book value) Rs. 1,60,000 sold for Rs. 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm. Post category:Accountancy Reading time:1 mins read Solution Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostThree Chartered Accountants A, B and C form a partnership, profits being shared in the ratio of 3 : 2 : 1 subject to the following: (a) C’s share of profit guaranteed to be not less than Rs. 15,000 p.a. (b) B gives a guarantee to the effect that gross fee earned by him for the firm shall be equal to his average gross fee of the preceding five years when he was carrying on profession alone, which on an average works out at Rs. 25,000. The profit for the first year of the partnership are Rs. 75,000. The gross fee earned by B for the firm is Rs. 16,000. You are required to show Profit and Loss Appropriation Account after giving effect to the above. Next PostPass Journal entries in the following cases? (a) Expenses of realisation Rs. 1,500. (b) Expenses of realisation Rs. 600 but paid by Mohan, a partner. (c) Mohan, one of the partners of the firm, was asked to look into the dissolution of the firm for which he was allowed a commission of Rs. 2,000. (d) Motor car of book value Rs. 50,000 taken over by Creditors of the book value of Rs. 40,000 in full settlement. You Might Also Like What do you mean by Convertible Preference Shares? September 28, 2022 While preparing the Cash Flow Statement of Alka Ltd. ‘dividend paid was shown as an operating activity by the accountant of the company. Was he correct in doing so? Give reason. (C.B.S.E. 2015) October 6, 2022 From the following information, calculate Cash Flow from Investing Activities: August 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.