Give the two main rights acquired by the new partner. Post category:Accountancy Reading time:1 mins read SOLUTION (i)Right to share future profits of the firm, and (ii) Right to share the assets of the firm. 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 PostAt the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit? Next PostState any one purpose for admitting a new partner in a firm. You Might Also Like State the two situations under which interest on capital is generally provided. (C.B.S.E. 2019, Delhi) September 26, 2022 P, Q and R were partners in a firm. On 31st March, 2018 R retired. The amount payable to R Rs. 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R. (CBSE 2019) October 8, 2022 Max Ltd. invited applications for 2,00,000 Equity Shares of Rs. 10 each to be issued at 20% premium. The money payable per shares was: on application Rs. 5, on allotment Rs. 4 (including premium of Rs. 2), first call Rs. 2 and final call Rs. 1, Applications were received for 2,40,000 shares and allotment was made as: (i) to applicants for 1,00,000 shares— in full, (ii) to applicants for 80,000 shares—60,000 shares, (iii) to applicants for 60,000 shares—40,000 shares. Applicants of 1,000 shares falling in Category (i) and applicants of 1,200 shares falling in Category (ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category (iii) failed to pay the first and final call and these shares were forfeited after final call. 1,300 shares [1,000 of Category(i) and 300 of Category (ii)] were reissued at Rs. 8 per share as fully paid-up. Journalise the above transactions. Prepare Cash book and Balance Sheet. July 15, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
State the two situations under which interest on capital is generally provided. (C.B.S.E. 2019, Delhi) September 26, 2022
P, Q and R were partners in a firm. On 31st March, 2018 R retired. The amount payable to R Rs. 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R. (CBSE 2019) October 8, 2022
Max Ltd. invited applications for 2,00,000 Equity Shares of Rs. 10 each to be issued at 20% premium. The money payable per shares was: on application Rs. 5, on allotment Rs. 4 (including premium of Rs. 2), first call Rs. 2 and final call Rs. 1, Applications were received for 2,40,000 shares and allotment was made as: (i) to applicants for 1,00,000 shares— in full, (ii) to applicants for 80,000 shares—60,000 shares, (iii) to applicants for 60,000 shares—40,000 shares. Applicants of 1,000 shares falling in Category (i) and applicants of 1,200 shares falling in Category (ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category (iii) failed to pay the first and final call and these shares were forfeited after final call. 1,300 shares [1,000 of Category(i) and 300 of Category (ii)] were reissued at Rs. 8 per share as fully paid-up. Journalise the above transactions. Prepare Cash book and Balance Sheet. July 15, 2022