On dissolution, what entry is passed if a partner under takes to make payment of a liability of the firm? Post category:Accountancy Reading time:1 mins read SOLUTION Realisation A/c Dr. To Partner’s Capital A/c 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 PostOn dissolution of a partnership firm, where is profit or loss on realization transferred? Next PostOn dissolution of firm, what entry is passed for payment of an unrecorded liability? You Might Also Like A Ltd., engaged in the business of retailing of two wheelers, invested Rs. 50,00,000 in the shares of a manufacturing company. State with reason whether the dividend received on this investment will be Cash Flows from Operating Activities or Investing Activities. October 6, 2022 Calculate Operating Profit Ratio from the following information: August 17, 2022 A and B are partners sharing profits and losses in the ratio of 3: 1. On 1st April, 2018, their capitals were: A Rs. 50,000 and B Rs. 30,000. During the year ended 31st March, 2019 they earned a net profit of Rs. 50,000. The terms of partnership are: (a) Interest on capital is to allowed @ 6% p.a. (b) A will get a commission @ 2% on turnover. (c) B will get a salary of Rs. 500 per month. (d) B will get commission of 5% on profits after deduction of all expenses including such commission. Partners’ drawings for the year were: A Rs. 8,000 and B Rs. 6,000. Turnover for the year was Rs. 3,00,000. After considering the above facts, you are required to prepare Profit and Loss Appropriation Account and Partners’ Capital Accounts. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A Ltd., engaged in the business of retailing of two wheelers, invested Rs. 50,00,000 in the shares of a manufacturing company. State with reason whether the dividend received on this investment will be Cash Flows from Operating Activities or Investing Activities. October 6, 2022
A and B are partners sharing profits and losses in the ratio of 3: 1. On 1st April, 2018, their capitals were: A Rs. 50,000 and B Rs. 30,000. During the year ended 31st March, 2019 they earned a net profit of Rs. 50,000. The terms of partnership are: (a) Interest on capital is to allowed @ 6% p.a. (b) A will get a commission @ 2% on turnover. (c) B will get a salary of Rs. 500 per month. (d) B will get commission of 5% on profits after deduction of all expenses including such commission. Partners’ drawings for the year were: A Rs. 8,000 and B Rs. 6,000. Turnover for the year was Rs. 3,00,000. After considering the above facts, you are required to prepare Profit and Loss Appropriation Account and Partners’ Capital Accounts. July 21, 2022