What entry is passed when an asset is given to a Creditor in full settlement of his dues? Post category:Accountancy Reading time:1 mins read SOLUTION No Entry. 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 is the treatment of provisions against assets on dissolution of a firm? Next PostState the reason why a partner’s wife loan is transferred to Realisation A/c? You Might Also Like On the retirement of a partner how is the profit-sharing ratio of remaining partners decided? September 27, 2022 Sajal and Kajal are partners sharing profits and losses in the ratio of 2: 1. On 1st April, 2021 their Capitals were: Sajal – Rs. 5,00,000 and Kajal – Rs. 4,00,000. Prepare Profit and Loss Appropriation Account and the Partners’ Capital Accounts at the end of the year after considering the following items: (a) Interest on Capital is to be allowed @ 5% p.a. (b) Interest on the loan advanced by Kajal for the whole year, the amount of loan being Rs. 3,00,000. (c) Interest on partners’ drawings @ 6% p.a. Drawings: Sajal Rs. 1,00,000 and Kajal Rs. 80,000. (d) 10% of the divisible profit is to be transferred to Reserve. Profit, before giving effect to the above, for year ended 31st March, 2022 is 7,02,600. October 11, 2022 A firm had Current Assets of Rs. 5,00,000. It paid Current Liabilities of Rs. 1,00,000 and the Current Ratio became 2: 1. Determine Current Liabilities and Working Capital before and after the payment was made. August 12, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
On the retirement of a partner how is the profit-sharing ratio of remaining partners decided? September 27, 2022
Sajal and Kajal are partners sharing profits and losses in the ratio of 2: 1. On 1st April, 2021 their Capitals were: Sajal – Rs. 5,00,000 and Kajal – Rs. 4,00,000. Prepare Profit and Loss Appropriation Account and the Partners’ Capital Accounts at the end of the year after considering the following items: (a) Interest on Capital is to be allowed @ 5% p.a. (b) Interest on the loan advanced by Kajal for the whole year, the amount of loan being Rs. 3,00,000. (c) Interest on partners’ drawings @ 6% p.a. Drawings: Sajal Rs. 1,00,000 and Kajal Rs. 80,000. (d) 10% of the divisible profit is to be transferred to Reserve. Profit, before giving effect to the above, for year ended 31st March, 2022 is 7,02,600. October 11, 2022
A firm had Current Assets of Rs. 5,00,000. It paid Current Liabilities of Rs. 1,00,000 and the Current Ratio became 2: 1. Determine Current Liabilities and Working Capital before and after the payment was made. August 12, 2022
