On dissolution of firm, what payment Is made first from the personal assets of a partner? Post category:Accountancy Reading time:1 mins read SOLUTION Private debts of that partner. 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 firm, what entry is passed for payment of an unrecorded liability? Next PostOn dissolution of a firm, what entry is passed on making payment of realization expenses by a partner? You Might Also Like Seema Ltd. offered for subscription 10,000 shares of Rs. 25 each, payable Rs. 5 per share on application, Rs. 10 per share on allotment (including Rs. 5 per share as premium), Rs. 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively. Pass the entries in the company’s Journal, Cash Book and the ledger. Also show the company’s Balance Sheet on completion of the above transactions. July 13, 2022 Iron Products Ltd. issued 5,000; 9% Debentures of Rs. 100 each at a premium of Rs. 40 payable as follows; (i) Rs. 40, including premium of Rs. 10 on applications; (ii) Rs. 45, including premium of Rs. 15 on allotment; and (iii) Balance as first and final call. The issue was subscribed and allotment made. Calls were made and due amount was received. Pass Journal entries. July 16, 2022 Why is sacrifice ratio calculated? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Seema Ltd. offered for subscription 10,000 shares of Rs. 25 each, payable Rs. 5 per share on application, Rs. 10 per share on allotment (including Rs. 5 per share as premium), Rs. 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively. Pass the entries in the company’s Journal, Cash Book and the ledger. Also show the company’s Balance Sheet on completion of the above transactions. July 13, 2022
Iron Products Ltd. issued 5,000; 9% Debentures of Rs. 100 each at a premium of Rs. 40 payable as follows; (i) Rs. 40, including premium of Rs. 10 on applications; (ii) Rs. 45, including premium of Rs. 15 on allotment; and (iii) Balance as first and final call. The issue was subscribed and allotment made. Calls were made and due amount was received. Pass Journal entries. July 16, 2022
