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Journal Entries for Dissolutions
The following journal entries are relevant for the purpose of recording all dissolutions:1) DR. Revaluation accountCR. Asset account(With the book value of the assets being sold / or being realized)2) DR. Cash book CR. Realisation account(With the cash received on the assets being realized)
3) DR. Realisation accountCR. Cash book(With the dissolution expenses paid)4) DR. Creditors account payablesCR. Cash book(With payment made to the creditors)5) DR. CreditorsCR. Realization account(With the discount received from account payable or creditors)6) Dr. Realization accountCR. Capital accounts(With the profit on realization being the balancing figure and according to PSR)Incase it is a loss, then the entries are received.7) DR. Current accountCR. Capital accounts(To transfer the accounts due to the partners on their current accounts to the capital account)8) DR Capital accounts CR. Cash book(To close off the capital accounts with the cash book)
Cost of goods sold minus sales
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