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 The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of Rs. 10 each, Rs. 7.50 paid be forfeited for non-payment of final call of Rs. 2.50. On 10th June, 2015, 1,800 of these shares were reissued for Rs. 6 per share. Give necessary Journal entries. July 14, 2022 Compute Cash Flow from Operating Activities from the following: August 18, 2022 A, B and C are partners sharing profits and losses in the ratio of A 1/2, B 3/10, C 1/5 after providing for interest @ 5% on their respective capitals. A Rs. 50,000; B Rs. 30,000 and C Rs. 20,000 and allowing B and C a salary of Rs. 5,000 each per annum. During the year ended 31st March, 2019, A has drawn Rs. 10,000 and B and C in addition to their salaries have drawn Rs. 2,500 and Rs. 1,000 respectively. Profit and Loss Account for the year ended 31st March, 2019 showed a net profit of Rs. 45,000. On 1st April, 2018, the balances in the Current Accounts of the partners were A (Cr.) Rs. 4,500; B (Cr.) Rs. 1,500 and C (Cr.) Rs. 1,000. Interest is not charged on Drawings or Current Account balances. Show Partners’ Capital and Current Accounts as at 31st March, 2019 after division of profits in accordance with the partnership agreement. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of Rs. 10 each, Rs. 7.50 paid be forfeited for non-payment of final call of Rs. 2.50. On 10th June, 2015, 1,800 of these shares were reissued for Rs. 6 per share. Give necessary Journal entries. July 14, 2022
A, B and C are partners sharing profits and losses in the ratio of A 1/2, B 3/10, C 1/5 after providing for interest @ 5% on their respective capitals. A Rs. 50,000; B Rs. 30,000 and C Rs. 20,000 and allowing B and C a salary of Rs. 5,000 each per annum. During the year ended 31st March, 2019, A has drawn Rs. 10,000 and B and C in addition to their salaries have drawn Rs. 2,500 and Rs. 1,000 respectively. Profit and Loss Account for the year ended 31st March, 2019 showed a net profit of Rs. 45,000. On 1st April, 2018, the balances in the Current Accounts of the partners were A (Cr.) Rs. 4,500; B (Cr.) Rs. 1,500 and C (Cr.) Rs. 1,000. Interest is not charged on Drawings or Current Account balances. Show Partners’ Capital and Current Accounts as at 31st March, 2019 after division of profits in accordance with the partnership agreement. July 21, 2022