What is an ideal current ratio? Post category:Accountancy Reading time:1 mins read SOLUTION An ideal current ratio is 2: 1. 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 are Current Liabilities? Next PostWhat is Liquid Ratio? You Might Also Like Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third-party liabilities have been transferred to Realisation Account: (a) There was furniture worth Rs. 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value. (b) Profit and Loss Account was showing a credit balance of Rs. 15,000 on the date of dissolution. (c) Harsh’s loan of Rs. 6,000 was discharged at Rs. 6,200. (d) The firm paid realisation expenses amounting to Rs. 5,000 on behalf of Harsh who had to bear these expenses. (e) There was a bill for 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% was received from his estate. (f) Creditors to whom the firm owed Rs. 6,000, accepted stock of Rs. 5,000 at a discount of 5% and the balance in cash. July 25, 2022 Anna and Bobby were partners sharing profits and losses in the ratio of 5: 3. On 1st April, 2014, their Capital Accounts showed balances of Rs. 3,00,000 and Rs. 2,00,000 respectively. Calculate the amount of profit to be distributed between the partners if the Partnership Deed provided for Interest on Capital @10% p.a. and the firm earned a profit of Rs. 45,000 for the year ended 31st March, 2015. (C.B.S.E. 2016, Comptt. Outside Delhi) September 26, 2022 Global Ltd. issued 10,000, 8% Debentures of Rs. 100 each redeemable in four equal instalments by draw of lots from the end of 3 years at a premium of Rs. 9. Pass the Journal entries for writing off the Loss on Issue of Debentures. Also prepare Loss on issue of Debentures Account. July 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and third-party liabilities have been transferred to Realisation Account: (a) There was furniture worth Rs. 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value. (b) Profit and Loss Account was showing a credit balance of Rs. 15,000 on the date of dissolution. (c) Harsh’s loan of Rs. 6,000 was discharged at Rs. 6,200. (d) The firm paid realisation expenses amounting to Rs. 5,000 on behalf of Harsh who had to bear these expenses. (e) There was a bill for 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% was received from his estate. (f) Creditors to whom the firm owed Rs. 6,000, accepted stock of Rs. 5,000 at a discount of 5% and the balance in cash. July 25, 2022
Anna and Bobby were partners sharing profits and losses in the ratio of 5: 3. On 1st April, 2014, their Capital Accounts showed balances of Rs. 3,00,000 and Rs. 2,00,000 respectively. Calculate the amount of profit to be distributed between the partners if the Partnership Deed provided for Interest on Capital @10% p.a. and the firm earned a profit of Rs. 45,000 for the year ended 31st March, 2015. (C.B.S.E. 2016, Comptt. Outside Delhi) September 26, 2022
Global Ltd. issued 10,000, 8% Debentures of Rs. 100 each redeemable in four equal instalments by draw of lots from the end of 3 years at a premium of Rs. 9. Pass the Journal entries for writing off the Loss on Issue of Debentures. Also prepare Loss on issue of Debentures Account. July 18, 2022
