Do you think that the loan by a partner’s relative is transferred to Realisation Account at the time of dissolution of a firm? Why? Post category:Accountancy Reading time:1 mins read SOLUTION Yes, it is transferred to Realisation Account because it is an outside liability. 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 PostDo you think that the loan by a partner is transferred to Realisation Account at the lime of dissolution of a firm? Why? Next PostAt which value the assets against which provisions exist are transferred to Realisation Account? You Might Also Like How is Workmen Compensation Reserve shown in the Balance Sheet of a partnership firm, treated at the time of its dissolution? September 27, 2022 A and B are partners sharing profits and losses in the ratio of 3: 1. On 1st April, 2018, their capitals were: A Rs. 50,000 and B Rs. 30,000. During the year ended 31st March, 2019 they earned a net profit of Rs. 50,000. The terms of partnership are: (a) Interest on capital is to allowed @ 6% p.a. (b) A will get a commission @ 2% on turnover. (c) B will get a salary of Rs. 500 per month. (d) B will get commission of 5% on profits after deduction of all expenses including such commission. Partners’ drawings for the year were: A Rs. 8,000 and B Rs. 6,000. Turnover for the year was Rs. 3,00,000. After considering the above facts, you are required to prepare Profit and Loss Appropriation Account and Partners’ Capital Accounts. July 21, 2022 A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was: August 2, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
How is Workmen Compensation Reserve shown in the Balance Sheet of a partnership firm, treated at the time of its dissolution? September 27, 2022
A and B are partners sharing profits and losses in the ratio of 3: 1. On 1st April, 2018, their capitals were: A Rs. 50,000 and B Rs. 30,000. During the year ended 31st March, 2019 they earned a net profit of Rs. 50,000. The terms of partnership are: (a) Interest on capital is to allowed @ 6% p.a. (b) A will get a commission @ 2% on turnover. (c) B will get a salary of Rs. 500 per month. (d) B will get commission of 5% on profits after deduction of all expenses including such commission. Partners’ drawings for the year were: A Rs. 8,000 and B Rs. 6,000. Turnover for the year was Rs. 3,00,000. After considering the above facts, you are required to prepare Profit and Loss Appropriation Account and Partners’ Capital Accounts. July 21, 2022
A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was: August 2, 2022