Can Current Ratio and Quick Ratio be same at any moment? Post category:Accountancy Reading time:1 mins read SOLUTION Yes, if there are no prepaid expenses and inventory in the business. 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 PostGive one point of distinction between Current Ratio and Quick Ratio. Next PostMention two ratios in which one figure is from Profit and Loss Account and one from Balance Sheet. You Might Also Like What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm. (Delhi 2016) October 7, 2022 Pass entries in the firm’s journal for the following on admission of a partner: (i) Machinery be reduced by Rs. 16,000 and Building be appreciated by Rs. 40,000. (ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to Rs. 80,000. (iii) Provision for warranty claims be increased by Rs. 12,000.(iv) Furniture (Book Value Rs. 50,000) is to be reduced by 40%.(v) Furniture (Book Value Rs. 50,000) is to be reduced by 60%. November 3, 2022 There are two partners X and Y in a firm and their capitals are Rs. 50,000 and Rs. 40,000. The Creditors are Rs. 30,000. The assets of the firm realise Rs. 1,00,000. How much will X and Y receive? July 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm. (Delhi 2016) October 7, 2022
Pass entries in the firm’s journal for the following on admission of a partner: (i) Machinery be reduced by Rs. 16,000 and Building be appreciated by Rs. 40,000. (ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to Rs. 80,000. (iii) Provision for warranty claims be increased by Rs. 12,000.(iv) Furniture (Book Value Rs. 50,000) is to be reduced by 40%.(v) Furniture (Book Value Rs. 50,000) is to be reduced by 60%. November 3, 2022
There are two partners X and Y in a firm and their capitals are Rs. 50,000 and Rs. 40,000. The Creditors are Rs. 30,000. The assets of the firm realise Rs. 1,00,000. How much will X and Y receive? July 26, 2022