Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital Account. Post category:Accountancy Reading time:1 mins read SOLUTION Profit and Loss Suspense Account 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 PostHow goodwill is recorded on the retirement or death of a partner? Next PostAt what rate interest is payable on the amount remaining unpaid to the executor of deceased partner? (C.B.S.E. 2019 M.P.) You Might Also Like X and Y are partners with capitals of Rs. 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in Rs. 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of Rs. 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill. August 1, 2022 How do you treat profit or loss on sale of fixed assets for calculating Cash flow from operating activities? October 4, 2022 X, Y and Z are partners in a firm in the ratio of 4: 3; 2. On firm’s dissolution, firm’s total assets are Rs. 70,000, creditors are Rs. 15,000. Realisation expenses are Rs. 2,100. Assets realised 15% more than the book-value. Creditors were paid 2% more. For profit / loss on realisation, y’s capital account will be debited / credited with how much amount? September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X and Y are partners with capitals of Rs. 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in Rs. 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of Rs. 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill. August 1, 2022
How do you treat profit or loss on sale of fixed assets for calculating Cash flow from operating activities? October 4, 2022
X, Y and Z are partners in a firm in the ratio of 4: 3; 2. On firm’s dissolution, firm’s total assets are Rs. 70,000, creditors are Rs. 15,000. Realisation expenses are Rs. 2,100. Assets realised 15% more than the book-value. Creditors were paid 2% more. For profit / loss on realisation, y’s capital account will be debited / credited with how much amount? September 27, 2022