Give the journal entry to distribute General Reserve and Profit and Loss Account balance appearing on the liabilities side of Balance Sheet. Post category:Accountancy Reading time:1 mins read SOLUTION General Reserve A/c Dr.Profit and Loss A/c Dr. To Old Partner’s Capital A/cs(In old Ratio) Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhat are accumulated losses? Next PostState the need for treatment of Goodwill on admission of a partner. You Might Also Like Pass entries in firm’s Journal for the following on admission of a partner: (i) Unrecorded Investments worth Rs. 20,000 are to be accounted. (ii) Unrecorded liability towards suppliers for Rs. 5,000 is to be accounted. (iii) An item of Rs. 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. August 1, 2022 State the reason why a partner’s wife loan is transferred to Realisation A/c? September 27, 2022 Anshul and Asha are partners sharing profits and losses in the ratio of 3: 2. Anshul being a non-working partner contributed Rs. 8,00,000 as her capital. Asha being a working partner did not contribute capital. The partnership Deed provides for interest on capital @ 5% and salary to every working partner @ Rs. 2,000 per month. Net profit (before providing for interest on capital and partner’s salary) for the year ended 31st March, 2019 was Rs. 32,000. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Pass entries in firm’s Journal for the following on admission of a partner: (i) Unrecorded Investments worth Rs. 20,000 are to be accounted. (ii) Unrecorded liability towards suppliers for Rs. 5,000 is to be accounted. (iii) An item of Rs. 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. August 1, 2022
Anshul and Asha are partners sharing profits and losses in the ratio of 3: 2. Anshul being a non-working partner contributed Rs. 8,00,000 as her capital. Asha being a working partner did not contribute capital. The partnership Deed provides for interest on capital @ 5% and salary to every working partner @ Rs. 2,000 per month. Net profit (before providing for interest on capital and partner’s salary) for the year ended 31st March, 2019 was Rs. 32,000. July 21, 2022