At the time of dissolution, all the assets of the firm are transferred to Realisation Account at ___________ values.

Q. State whether the following statements are True or False.

At the time of dissolution of Partnership Firm all assets should be transferred to Realisation A/c.

Q. Book Value of assets (other than cash and bank) transferred to Realisation Account is ₹ 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a Creditor, in full settlement of his claim.
You are required to record the Journal entries for realisation of assets.

Q. Book Value of assets (other than cash and bank) transferred to Realisation Account is Rs. 1,00,000. 50% of the assets are taken over by a partner atul, at a discount of 20%, 40% of the remaing assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaing assets are handed over to a Creditor, in full settlement of his claim.
You are required to record the Journal entires for realisation of assets.