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 Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of Rs. 1,00.000 @ 10% p.a. interest in the partnership firm before he came the partner. Now the accountant of the firm is emphasising that the interest on loan should he paid @6% p.n. Is he right in doing so? Give reason in support of your answer. (C.B.S.E. 2015 Comptt.) September 26, 2022 From the following particulars, calculate new profit-sharing ratio of the partners: (a) Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan retired and his share was divided equally between Shiv and Hari. (b) P, Q and R were partners sharing profits in the ratio of 5 : 4 : 1. P retires from the firm. August 3, 2022 On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profits and drawings, etc; were Rs. 80,000, Rs. 60,000, Rs. 40,000 respectively. Subsequently, it was discovered that the interest on capital and drawings has been omitted. (a) The profit for the year ended 31st March, 2014 was Rs. 80,000. (b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000. (c) The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a. (d) The profit-sharing ratio among partners was 4 : 3 : 1. Showing your workings clearly, pass the necessary rectifying entry. July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of Rs. 1,00.000 @ 10% p.a. interest in the partnership firm before he came the partner. Now the accountant of the firm is emphasising that the interest on loan should he paid @6% p.n. Is he right in doing so? Give reason in support of your answer. (C.B.S.E. 2015 Comptt.) September 26, 2022
From the following particulars, calculate new profit-sharing ratio of the partners: (a) Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan retired and his share was divided equally between Shiv and Hari. (b) P, Q and R were partners sharing profits in the ratio of 5 : 4 : 1. P retires from the firm. August 3, 2022
On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profits and drawings, etc; were Rs. 80,000, Rs. 60,000, Rs. 40,000 respectively. Subsequently, it was discovered that the interest on capital and drawings has been omitted. (a) The profit for the year ended 31st March, 2014 was Rs. 80,000. (b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000. (c) The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a. (d) The profit-sharing ratio among partners was 4 : 3 : 1. Showing your workings clearly, pass the necessary rectifying entry. July 22, 2022