Give two circumstances under which a partnership firm is dissolved. Post category:Accountancy Reading time:1 mins read SOLUTION (i) When all or all but one partner of the firm become insolvent (ii) When business of the firm becomes un lawful. 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 PostRahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4: 3: 2. Rahul died on 15th October, 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were Rs. 3,56,000 and Rs. 2,44,000 respectively. Sahil and Jatin decided to adjust their capital according to their new profit-sharing ratio by opening current accounts. Calculate the new Capitals of Sahil and Jatin. (C.B.S.E. 2020; Mumbai, Chennai) Next PostWhat is meant by dissolution of partnership? You Might Also Like State with reason, whether the Proprietary Ratio will improve, decline or will not change because of the following transactions if Proprietary Ratio is 0.8: 1: (i) Obtained a loan of Rs. 5,00,000 from State Bank of India payable after five years. (ii) Purchased machinery of Rs. 2,00,000 by cheque. (iii) Redeemed 7% Redeemable Preference Shares Rs. 3,00,000. (iv) Issued equity shares to the vendor of building purchased for Rs. 7,00,000. (v) Redeemed 10% redeemable debentures of Rs. 6,00,000. August 13, 2022 What is meant by unsecured debenture? September 29, 2022 A, B and C were partners in a firm sharing profits in the ratio of 6 : 5 : 4. Their capitals were A − Rs. 1,00,000; B − Rs. 80,000 and C − Rs. 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit-sharing ratio between B and C was decided as 1: 4. On A’s retirement, the goodwill of the firm was valued at Rs. 1,80,000. Showing your calculations clearly, pass the necessary Journal entry for the treatment of goodwill on A’s retirement. August 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
State with reason, whether the Proprietary Ratio will improve, decline or will not change because of the following transactions if Proprietary Ratio is 0.8: 1: (i) Obtained a loan of Rs. 5,00,000 from State Bank of India payable after five years. (ii) Purchased machinery of Rs. 2,00,000 by cheque. (iii) Redeemed 7% Redeemable Preference Shares Rs. 3,00,000. (iv) Issued equity shares to the vendor of building purchased for Rs. 7,00,000. (v) Redeemed 10% redeemable debentures of Rs. 6,00,000. August 13, 2022
A, B and C were partners in a firm sharing profits in the ratio of 6 : 5 : 4. Their capitals were A − Rs. 1,00,000; B − Rs. 80,000 and C − Rs. 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit-sharing ratio between B and C was decided as 1: 4. On A’s retirement, the goodwill of the firm was valued at Rs. 1,80,000. Showing your calculations clearly, pass the necessary Journal entry for the treatment of goodwill on A’s retirement. August 3, 2022