P and Q share profits and losses in 5: 3. What Journal entries would be passed for the following transactions on the dissolution of their firm, after various assets (other than cash) and third party...

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Extracted text: P and Q share profits and losses in 5: 3. What Journal entries would be passed for the following transactions on the dissolution of their firm, after various assets (other than cash) and third party liabilities have been transferred to Realisation Account? ) Profit and Loss Account (Dr. Balance) appeared in the books at Rs.30,000 N) Pwas asked to look into the dissolution of the firm for which he was allowed a commission of Rs.2,500. ii) Q took over part of the stock at Rs.6,400 (being 20% less than the book value). iv) An unrecorded liability amounting to Rs.10,000 was settled at Rs.8,000. v) Motor Car of the book value of Rs.80,000 taken over by Creditors of the book value of Rs.60,000 in full settlement.