Classify debentures from the point of view of redemption. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Redeemable Debentures, (ii) Irredeemable Debentures. 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 PostClassify debentures from the point of view of registration. Next PostClassify debentures from the point of view of convertibility. You Might Also Like Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (C.B.S.E. 2020, Mumbai, Chennai) September 23, 2022 X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March, 2019. On that date, their Capitals were X − Rs. 40,000 and Y− Rs. 30,000. Creditors amounted to Rs. 24,000. Assets were realised for Rs. 88,500. Creditors of Rs. 16,000 were taken over by X at Rs. 14,000. Remaining Creditors were paid at Rs. 7,500. The cost of realisation came to Rs. 500. Prepare necessary accounts. July 26, 2022 What Journal entries would be passed for discharge of following unrecorded liabilities on the dissolution of a firm of partners A and B: (a) There was a contingent liability in respect of bills discounted but not matured of Rs. 18,500. An acceptor of one bill of Rs. 2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firm on account of this bill discounted and dishonoured has not so far been recorded. (b) There was a contingent liability in respect of a claim for damages for Rs. 75,000, such liability was settled for Rs. 50,000 and paid by the partner A. (c) Firm will have to pay Rs. 10,000 as compensation to an injured employee, which was a contingent liability not accepted by the firm. (d) Rs. 5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by a compromise between the customer and the firm. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (C.B.S.E. 2020, Mumbai, Chennai) September 23, 2022
X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March, 2019. On that date, their Capitals were X − Rs. 40,000 and Y− Rs. 30,000. Creditors amounted to Rs. 24,000. Assets were realised for Rs. 88,500. Creditors of Rs. 16,000 were taken over by X at Rs. 14,000. Remaining Creditors were paid at Rs. 7,500. The cost of realisation came to Rs. 500. Prepare necessary accounts. July 26, 2022
What Journal entries would be passed for discharge of following unrecorded liabilities on the dissolution of a firm of partners A and B: (a) There was a contingent liability in respect of bills discounted but not matured of Rs. 18,500. An acceptor of one bill of Rs. 2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firm on account of this bill discounted and dishonoured has not so far been recorded. (b) There was a contingent liability in respect of a claim for damages for Rs. 75,000, such liability was settled for Rs. 50,000 and paid by the partner A. (c) Firm will have to pay Rs. 10,000 as compensation to an injured employee, which was a contingent liability not accepted by the firm. (d) Rs. 5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by a compromise between the customer and the firm. July 25, 2022
