Genesis General Entry of Dissolution:

The dissolution of a partnership involves the winding up of the partnership affairs and the distribution of assets and liabilities among the partners. In this case, Kavita's partner has agreed to look after the dissolution process for a commission of 9000 rupees. Let's analyze the general entry for this dissolution process and the effect it has on the financial statements.

1. Transfer of Furniture to Real Account:

- The furniture, which has a value of 9000 rupees, is transferred from the partnership's books to the partners' individual accounts. This transfer is necessary as the furniture will no longer be used in the partnership's operations.

Journal Entry:
Partners' Capital Account:
Furniture A/C - Debit 9000 rupees
To Real Account - Credit 9000 rupees

- The debit to the furniture account reduces the value of the furniture in the partnership's books, while the credit to the real account indicates that the furniture has been transferred to the partners' individual accounts.

2. Commission Expense for Kavita:

- Kavita's partner has agreed to provide services related to the dissolution process for a commission of 9000 rupees. This commission expense needs to be recorded in the partnership's books.

Journal Entry:
Dissolution Expense Account:
Commission Expense - Debit 9000 rupees
To Partners' Capital Account - Credit 9000 rupees

- The debit to the commission expense account reflects the expense incurred by the partnership, while the credit to the partners' capital accounts reduces their respective capital balances.

Impact on Financial Statements:

- The transfer of furniture to the partners' individual accounts reduces the value of the partnership's assets and increases the partners' capital in their respective accounts.

- The commission expense recorded for Kavita reduces the partnership's net income and, consequently, the partners' capital balances.

- The dissolution process and the associated journal entries ultimately result in the final distribution of the partnership's assets and the settlement of its liabilities.

Conclusion:

The genesis general entry of dissolution involves the transfer of furniture to the partners' individual accounts and the recording of the commission expense for Kavita's partner. These entries impact the partnership's financial statements by reducing the value of assets and the partners' capital balances. The dissolution process will continue until all assets and liabilities are distributed among the partners, ultimately resulting in the termination of the partnership.