On dissolution of a firm, its Balance Sheet revealed capital Rs. 5,00,000; General Reserve Rs. 2,00,000, Creditors Rs. 1,00,000 and cash balance Rs. 20,000. Assets were realised at 60%. What will be loss on realisation? Post category:Accountancy Reading time:1 mins read SOLUTION Rs. 3,12,000 Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ 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 PostIf opening capitals of partners are A Rs. 2,00,000, B Rs. 3,00,000 and C Rs. 4,00,000 and their drawings during the year are A Rs. 3,000 per month, B Rs. 4,000 per month and C Rs. 5,000 per month and creditors are Rs. 80,000, what will be the amount of assets of the firm? Next PostOn the basis of the following data how much final payment will be made to a partner on firm’s dissolution? Credit balance of Capital Account Rs. 50,000; Share of loss on realisation Rs. 10,000; Firm’s liability taken over by him for Rs. 8,000. You Might Also Like A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrender 1/5th of his share and B surrenders 2/5th of his share and B surrenders 2/5th of his share in favour of C. For the purpose of C’s admission, goodwill of the firm is valued at Rs. 75,000 and C brings in his share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions. August 1, 2022 State giving reason, whether issue of shares for consideration other than cash will result into inflow, outflow or no flow of cash. (C.B.S.E. 2020, Kerala) October 6, 2022 Calculate the amount of Manan’s monthly drawings for the year ended 31st March, 2022, in the following alternative cases when Partnership Deed allows interest on drawings @10% p.a. : (i) If interest on drawings is Rs. 1,950 and he withdrew a fixed amount in the beginning of each month. (ii) If interest on drawings is Rs. 2,400 and he withdrew a fixed amount in the middle of each month. (iii) If interest on drawings is Rs. 2,750 and he withdrew a fixed amount at the end of each month. October 11, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.