At the time of dissolution of a firm, Creditors are 70,000; Partner’s capital is Rs. 1,20,000; Cash Balance is Rs. 10,000. Other assets realised Rs. 1,50,000. What will be the Profit / Loss in the realisation account? Post category:Accountancy Reading time:1 mins read SOLUTION Loss Rs. 30,000. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ 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 PostIf total assets of a firm are Rs. 12,00,000 and total liabilities are Rs. 2,40,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 1: 2: 3. Next PostOn dissolution of a firm, debtors Rs. 17,000 were shown in the Balance Sheet. Out of this Rs. 2,000 became bad. One debtor became insolvent. 70% were recovered from him out of Rs. 5,000. Full amount was recovered from the balance debtors. On account of this item, what will be the loss in realisation account? You Might Also Like X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2, decided to share future profits and losses equally with effect from 1st April, 2019. On that date, the goodwill appeared in the books at Rs. 12,000. But it was revalued at Rs. 30,000. Pass Journal entries assuming that goodwill will not appear in the books of account. July 27, 2022 A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2018. As on that date their capitals were: A Rs. 7,000 and B Rs. 4,000. There were also due on Loan A/c to A Rs. 4,500 and to B Rs. 750. The other liabilities amounted to Rs. 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised Rs. 24,000. Prepare necessary accounts showing the final settlement between partners. July 26, 2022 Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2: 1: 1. Rohit is guaranteed n profit of Rs. 14,000. The firm earned a profit of Rs. 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit. (C.B.S.E. 2020; Punjab) September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.