Give two reasons in favour of having a Partnership Deed. Post category:Accountancy Reading time:1 mins read SOLUTION (i) In case of any dispute or doubt, Partnership Deed is the guiding document;(ii) It can specify the rights and duties of each partner. 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 PostGupta and Sharma were partners in a firm. They wanted to admit two more members in the firm. List the categories of individuals other than minors who cannot be admitted by them. (Delhi 2017) Next PostKajal, Neerav and Alisha are partners in a firm sharing profits in the ratio of 3: 2: 1. They decided to admit Rajan, their landlord as a partner in the firm. Rajan brought sufficient amount of capital and his share of goodwill premium. The accountant of the firm passed the entry of rent paid for the building to Rajan in ‘Profit and Loss Appropriation Account’. Is he correct in doing so? Give reason in support of your answer. (Al 2015 C) You Might Also Like What is meant by issue of shares for consideration other than cash? September 28, 2022 150 shares of Rs. 10 each issued at a premium of Rs. 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs. 8 per share including premium. The first and final call of Rs. 4 per Pass Journal entries in the books of X Ltd. for the above. July 15, 2022 What Journal entries would be passed for discharge of following unrecorded liabilities on the dissolution of a firm of partners A and B: (a) There was a contingent liability in respect of bills discounted but not matured of Rs. 18,500. An acceptor of one bill of Rs. 2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firm on account of this bill discounted and dishonoured has not so far been recorded. (b) There was a contingent liability in respect of a claim for damages for Rs. 75,000, such liability was settled for Rs. 50,000 and paid by the partner A. (c) Firm will have to pay Rs. 10,000 as compensation to an injured employee, which was a contingent liability not accepted by the firm. (d) Rs. 5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by a compromise between the customer and the firm. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
150 shares of Rs. 10 each issued at a premium of Rs. 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs. 8 per share including premium. The first and final call of Rs. 4 per Pass Journal entries in the books of X Ltd. for the above. July 15, 2022
What Journal entries would be passed for discharge of following unrecorded liabilities on the dissolution of a firm of partners A and B: (a) There was a contingent liability in respect of bills discounted but not matured of Rs. 18,500. An acceptor of one bill of Rs. 2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firm on account of this bill discounted and dishonoured has not so far been recorded. (b) There was a contingent liability in respect of a claim for damages for Rs. 75,000, such liability was settled for Rs. 50,000 and paid by the partner A. (c) Firm will have to pay Rs. 10,000 as compensation to an injured employee, which was a contingent liability not accepted by the firm. (d) Rs. 5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by a compromise between the customer and the firm. July 25, 2022