On dissolution of firm, what entry is passed for payment of an unrecorded liability? Post category:Accountancy Reading time:1 mins read SOLUTION Realisation A/c Dr. To Cash / Bank 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, what entry is passed if a partner under takes to make payment of a liability of the firm? Next PostOn dissolution of firm, what payment Is made first from the personal assets of a partner? You Might Also Like X, Y and Z were partners in a firm. Z died on 31st May, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of before death. Profits for the year ended 31st March, 2018, 2019 and 2020 were Rs. 18,000, Rs. 19,000 and Rs. 17,000 respectively. Calculate Z’s share of profit till his death and pass necessary Journal entry for the same when: (a) there is no change in profit-sharing ratio of remaining partners, and (b) there is change in profit-sharing ratio of remaining partners, new ratio being 3: 2. August 5, 2022 In case Operating Cycle cannot be determined, what is the time period of operating cycle assumed? September 30, 2022 When is interest received considered as financing activity? October 6, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X, Y and Z were partners in a firm. Z died on 31st May, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of before death. Profits for the year ended 31st March, 2018, 2019 and 2020 were Rs. 18,000, Rs. 19,000 and Rs. 17,000 respectively. Calculate Z’s share of profit till his death and pass necessary Journal entry for the same when: (a) there is no change in profit-sharing ratio of remaining partners, and (b) there is change in profit-sharing ratio of remaining partners, new ratio being 3: 2. August 5, 2022
In case Operating Cycle cannot be determined, what is the time period of operating cycle assumed? September 30, 2022