On dissolution of a firm, out of the proceeds received from the sale of assets Who will be paid first of all. Post category:Accountancy Reading time:1 mins read SOLUTION First of all, outside (Third-party) debts of the firm will be paid. 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 PostGive two circumstances under which a partnership is dissolved. Next PostWhat is meant by dissolution of partnership firm? You Might Also Like What is meant by Gaining Partners? September 26, 2022 Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2019. A and B share profits and losses in the ratio of 2 : 1. BALANCE SHEET OF A AND B as at 31st March, 2019 August 1, 2022 Show the forfeiture and reissue entries under each of the following cases:(i) X Ltd. forfeited 300 shares of Rs. 10 each, Rs. 8 called-up held by Mr. A for non-payment of second call money of Rs. 3 per share. These shares were reissued to Mr. Z for Rs. 10 per share as fully paid-up.(ii) Y Ltd. forfeited 400 shares of Rs. 10 each, fully called-up, held by Mr. B for non-payment of final call money of Rs. 4 per share. These shares were reissued to Mr. T at Rs. 12 per share as fully paid-up.(iii) LightLtd. forfeited 250 shares of Rs. 10 each, fully called-up held by Mr. C for non-payment of allotment money of Rs. 3 per share and first and final call money of Rs. 4 per share. These shares were reissued @ Rs. 8 per share as fully paid-up to Mr. P. July 14, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2019. A and B share profits and losses in the ratio of 2 : 1. BALANCE SHEET OF A AND B as at 31st March, 2019 August 1, 2022
Show the forfeiture and reissue entries under each of the following cases:(i) X Ltd. forfeited 300 shares of Rs. 10 each, Rs. 8 called-up held by Mr. A for non-payment of second call money of Rs. 3 per share. These shares were reissued to Mr. Z for Rs. 10 per share as fully paid-up.(ii) Y Ltd. forfeited 400 shares of Rs. 10 each, fully called-up, held by Mr. B for non-payment of final call money of Rs. 4 per share. These shares were reissued to Mr. T at Rs. 12 per share as fully paid-up.(iii) LightLtd. forfeited 250 shares of Rs. 10 each, fully called-up held by Mr. C for non-payment of allotment money of Rs. 3 per share and first and final call money of Rs. 4 per share. These shares were reissued @ Rs. 8 per share as fully paid-up to Mr. P. July 14, 2022