6. The following balances have been taken from the balance sheet of a partnership firm as at Dec. 31, 2020: Debit Balances: Cash Rs. 325,000, Accounts Receivable Rs. 300,000, Merchandise Inventory Rs. 575,000, Furniture Rs. 300,000 Credit Balances: Allowance for bad debt Rs. 30,000, Allowance for depreciation-Furniture Rs. 120,000, Accounts Payable Rs. 50,000, X Capital Rs.500,000, Y Capital Rs. 600,000, Z Capital Rs. 200,000 The partners were sharing profit and loss in their capital ratio. On the mentioned date they decided to liquidate the partnership firm and the following transactions were performed: a. Rs. 250,000 was collected as full and final settlement of accounts receivable. b. Merchandise inventory was sold for Rs. 500,000 cash. c. Furniture was sold for cash Rs. 145,000 d. Accounts Payable was fully paid. e. Loss on liquidation was distributed among the partners. f. Final Settlement to the partners was made. Required: Record the above transactions in General Journal
6. The following balances have been taken from the balance sheet of a
Dec. 31, 2020:
Debit Balances:
Cash Rs. 325,000,
Furniture Rs. 300,000
Credit Balances:
Allowance for
Payable Rs. 50,000, X Capital Rs.500,000, Y Capital Rs. 600,000, Z Capital Rs. 200,000
The partners were sharing
decided to liquidate the partnership firm and the following transactions were performed:
a. Rs. 250,000 was collected as full and final settlement of accounts receivable.
b. Merchandise inventory was sold for Rs. 500,000 cash.
c. Furniture was sold for cash Rs. 145,000
d. Accounts Payable was fully paid.
e. Loss on liquidation was distributed among the partners.
f. Final Settlement to the partners was made.
Required:
Record the above transactions in General Journal
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