State two essential features of a company. Post category:Accountancy Reading time:1 mins read SOLUTION (i) It is an artificial person created by law; (ii) It has a separate legal entity. 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 PostName an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment. (C.B S.E. 2020, Mumbai Chennai) Next PostState two essential features of a Private Company. You Might Also Like State with reason whether ‘Purchase of fixed asset on long term deferred payment’ would result in inflow, outflow or no flow of cash. October 6, 2022 Mita and Usha are partners in a firm sharing profits in the ratio of 2 : 3. Their Capital Accounts as on 1st April, 2015 showed balances of Rs. 1,40,000 and Rs. 1,20,000 respectively. The drawings of Mita and Usha during the year 2015-16 were Rs. 32,000 and Rs. 24,000 respectively. Both the amounts were withdrawn on 1st January 2016. It was subsequently found that the following items had been omitted while preparing the final accounts for the year ended 31st March, 2016: (a) Interest on Capital @ 6% p.a. (b) Interest on Drawings @ 6% p.a. (c) Mita was entitled to a commission of Rs. 8,000 for the whole year. Showing your working clearly, pass a rectifying entry in the books of the firm. July 22, 2022 On dissolution of a firm, where are assets shown in the balance sheet transferred? September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
State with reason whether ‘Purchase of fixed asset on long term deferred payment’ would result in inflow, outflow or no flow of cash. October 6, 2022
Mita and Usha are partners in a firm sharing profits in the ratio of 2 : 3. Their Capital Accounts as on 1st April, 2015 showed balances of Rs. 1,40,000 and Rs. 1,20,000 respectively. The drawings of Mita and Usha during the year 2015-16 were Rs. 32,000 and Rs. 24,000 respectively. Both the amounts were withdrawn on 1st January 2016. It was subsequently found that the following items had been omitted while preparing the final accounts for the year ended 31st March, 2016: (a) Interest on Capital @ 6% p.a. (b) Interest on Drawings @ 6% p.a. (c) Mita was entitled to a commission of Rs. 8,000 for the whole year. Showing your working clearly, pass a rectifying entry in the books of the firm. July 22, 2022
On dissolution of a firm, where are assets shown in the balance sheet transferred? September 27, 2022