How will the Realisation Account closed, if it discloses a loss? Post category:Accountancy Reading time:1 mins read SOLUTION It is closed by transferring to the debit side of partner’s capital accounts in their profit-sharing 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 PostOn dissolution of a firm, what entry is passed on making payment of realization expenses by a partner? Next PostOn firm’s dissolution, which account should he prepared at the last? You Might Also Like JCV Ltd., forfeited 200 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of allotment money of Rs. 3 per share (including premium). The first and final call of Rs. 4 per share has not been made as yet. 50% of the forfeited shares were reissued at Rs. 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares. July 15, 2022 X and Y are partners with capitals of Rs. 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in Rs. 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of Rs. 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill. August 1, 2022 Star Ltd was registered with a capital of Rs. 5,00,000 in shares of Rs. 10 each and issued 20,000 such shares at a premium of Rs. 2 per share, payable as Rs. 2 per share on application, Rs. 5 per share on allotment (including premium) and Rs. 2 per share on first call made three months later. All the money payable on application and allotment was duly received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholder holding 1,000 shares failed to pay the first call money. Pass journal entries to record the above transactions and show how they will appear in the company’s Balance Sheet. July 14, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
JCV Ltd., forfeited 200 shares of Rs. 10 each issued at a premium of Rs. 2 per share for the non-payment of allotment money of Rs. 3 per share (including premium). The first and final call of Rs. 4 per share has not been made as yet. 50% of the forfeited shares were reissued at Rs. 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares. July 15, 2022
X and Y are partners with capitals of Rs. 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in Rs. 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of Rs. 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill. August 1, 2022
Star Ltd was registered with a capital of Rs. 5,00,000 in shares of Rs. 10 each and issued 20,000 such shares at a premium of Rs. 2 per share, payable as Rs. 2 per share on application, Rs. 5 per share on allotment (including premium) and Rs. 2 per share on first call made three months later. All the money payable on application and allotment was duly received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholder holding 1,000 shares failed to pay the first call money. Pass journal entries to record the above transactions and show how they will appear in the company’s Balance Sheet. July 14, 2022