On dissolution of firm, what entry is passed for payment of an unrecorded liability? Post category:Accountancy Reading time:1 mins read SOLUTION Realisation A/c Dr. To Cash / Bank A/c 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, what entry is passed if a partner under takes to make payment of a liability of the firm? Next PostOn dissolution of firm, what payment Is made first from the personal assets of a partner? You Might Also Like Pass journal entries in the following cases: (a) Rohit Ltd. issued Rs. 40,000; 12% Debentures at a premium of 5% redeemable at par. (b) Virat Ltd. issued Rs. 40,000; 12% Debentures at a discount of 10% redeemable at par. (c) Rahul Ltd. issued Rs.40,000; 12% Debentures at par redeemable at 10% premium. (d) Prithvi Ltd. issued Rs. 40,000; 12% Debentures at a discount of 5% and redeemable at 5% premium. (e) Shikhar Ltd. issued Rs. 40,000; 12% Debentures at a premium of 10% redeemable at 110%. July 18, 2022 P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2018-19, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P — Rs. 8,000; Q — Rs. 7,000; and R — Rs. 5,000. On 31st March, 2019, their liabilities were Rs. 18,000. On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800. Prepare necessary Ledger Accounts to close the books of the firm. July 26, 2022 A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings in only 60% of his share of firm’s goodwill. Goodwill of the firm has been valued at Rs. 1,00,000. Pass necessary journal entries to record this arrangement. August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Pass journal entries in the following cases: (a) Rohit Ltd. issued Rs. 40,000; 12% Debentures at a premium of 5% redeemable at par. (b) Virat Ltd. issued Rs. 40,000; 12% Debentures at a discount of 10% redeemable at par. (c) Rahul Ltd. issued Rs.40,000; 12% Debentures at par redeemable at 10% premium. (d) Prithvi Ltd. issued Rs. 40,000; 12% Debentures at a discount of 5% and redeemable at 5% premium. (e) Shikhar Ltd. issued Rs. 40,000; 12% Debentures at a premium of 10% redeemable at 110%. July 18, 2022
P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2018-19, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P — Rs. 8,000; Q — Rs. 7,000; and R — Rs. 5,000. On 31st March, 2019, their liabilities were Rs. 18,000. On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800. Prepare necessary Ledger Accounts to close the books of the firm. July 26, 2022
A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings in only 60% of his share of firm’s goodwill. Goodwill of the firm has been valued at Rs. 1,00,000. Pass necessary journal entries to record this arrangement. August 1, 2022