On dissolution of a firm, Sundry Creditors amounted to Rs. 8,000. These were paid at a discount of 5%. What entry will he passed? Post category:Accountancy Reading time:1 mins read SOLUTION Realisation A /c Dr. 7,600 To Cash/Bank A/c 7,600 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 PostOn dissolution of a firm, its Balance Sheet revealed total creditors Rs. 50,000; Total Capital Rs. 48,000; Cash Balance Rs. 3,000. Its assets were realised at 12% less. What will be loss on realisation? Next PostOn dissolution of a firm, there was an Unrecorded asset or Rs. 2,000 which was taken over by a partner at Rs. 2,500 What entry will be passed? You Might Also Like Under what headings will you show the following items in the Balance Sheet of a Company; (i) Preliminary Expenses; (ii) Acceptances (B/P) September 30, 2022 A and B are partners in a firm. The net profit of the firm is divided as follows: 1/2 to A, 1/3 to B and 1/6 carried to a Reserve. They admit C as a partner on 1st April, 2019 on which date, the Balance Sheet of the firm was: August 1, 2022 A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2018. As on that date their capitals were: A Rs. 7,000 and B Rs. 4,000. There were also due on Loan A/c to A Rs. 4,500 and to B Rs. 750. The other liabilities amounted to Rs. 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised Rs. 24,000. Prepare necessary accounts showing the final settlement between partners. July 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Under what headings will you show the following items in the Balance Sheet of a Company; (i) Preliminary Expenses; (ii) Acceptances (B/P) September 30, 2022
A and B are partners in a firm. The net profit of the firm is divided as follows: 1/2 to A, 1/3 to B and 1/6 carried to a Reserve. They admit C as a partner on 1st April, 2019 on which date, the Balance Sheet of the firm was: August 1, 2022
A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2018. As on that date their capitals were: A Rs. 7,000 and B Rs. 4,000. There were also due on Loan A/c to A Rs. 4,500 and to B Rs. 750. The other liabilities amounted to Rs. 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised Rs. 24,000. Prepare necessary accounts showing the final settlement between partners. July 26, 2022