On 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? Post category:Accountancy Reading time:1 mins read SOLUTION Partner’s Capital A/c Dr. 2,500 To Realisation A/c 2,500 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 PostOn dissolution of a firm, Sundry Creditors amounted to Rs. 8,000. These were paid at a discount of 5%. What entry will he passed? Next PostOn the basis of following data, how much final payment to a partner on firm’s dissolution will be made? Debit balance of Capital Account Rs. 14,000; Share of his profit on realisation Rs. 43,000; Firm’s asset taken over by him for Rs. 17,000. You Might Also Like Where will you show purchase of Goodwill in a Cash Flow Statement? October 4, 2022 (a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share. Following is the extract of the Balance Sheet on the date of admission: August 1, 2022 X and Y are partners sharing profits in the ratio of 3: 2 with capitals of Rs. 8,00,000 and Rs. 6,00,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of Rs. 60,000 which has not been withdrawn. Profit for the year ended 31st March, 2019 before interest on capital but after charging Y’s salary amounted to Rs. 2,40,000. A provision of 5% of the profit is to be made in respect commission to the manager. Prepare an account showing the allocation profits. July 20, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.