Give one point of distinction between Current Ratio and Quick Ratio. Post category:Accountancy Reading time:1 mins read SOLUTION Basis of DistinctionCurrent RatioQuick RatioRelationshipIt Indicates relation between Current Assets and Current Liabilities.It indicates relationship between Quick Assets and Current Liabilities 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 PostWhy liquid ratio is considered more dependable than current ratio? Next PostCan Current Ratio and Quick Ratio be same at any moment? You Might Also Like In the absence of partnership deed, at which rate interest is allowed on a partner’s loan? September 23, 2022 X Y Z Limited’s Inventory is Rs. 3,00,000. Total Liquid Assets are Rs. 12,00,000 and Quick Ratio is 2: 1. Work out Current Ratio. August 12, 2022 Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015 their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to Realisation Account, you are given the following information: (a) A creditor of Rs. 3,60,000 accepted machineries valued at Rs. 5,00,000 and paid to the firm Rs. 1,40,000. (b) A second creditor for Rs. 50,000 accepted stock at Rs. 45,000 in full settlement of his claim. (c) A third creditor amounting to Rs. 90,000 accepted Rs. 45,000 in cash and investments worth Rs. 43,000 in full settlement of his claim. (d) Loss on dissolution was Rs. 15,000. Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
In the absence of partnership deed, at which rate interest is allowed on a partner’s loan? September 23, 2022
X Y Z Limited’s Inventory is Rs. 3,00,000. Total Liquid Assets are Rs. 12,00,000 and Quick Ratio is 2: 1. Work out Current Ratio. August 12, 2022
Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015 their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to Realisation Account, you are given the following information: (a) A creditor of Rs. 3,60,000 accepted machineries valued at Rs. 5,00,000 and paid to the firm Rs. 1,40,000. (b) A second creditor for Rs. 50,000 accepted stock at Rs. 45,000 in full settlement of his claim. (c) A third creditor amounting to Rs. 90,000 accepted Rs. 45,000 in cash and investments worth Rs. 43,000 in full settlement of his claim. (d) Loss on dissolution was Rs. 15,000. Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque. July 25, 2022