What is meant by ‘Fixed Capital’ of a partner? (Delhi 2016 C) Post category:Accountancy Reading time:1 mins read SOLUTION ‘Fixed Capital’ of a partner means that the capital remains unchanged unless additional capital is introduced or withdrawal is made from the existing capital. 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 the accounts which are maintained for the partners when capitals of the partners are fixed. (AI 2014 C) Next PostWhat is meant by ‘Fluctuating Capital’ of a partner? (AI 2016 C) You Might Also Like Gaurav applied for 5,000 shares of Rs. 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis. After having paid Rs. 3 per share on application, he did not pay allotment money of Rs. 4.50 per share (including premium) and on his subsequent failure to pay the first call of Rs. 2 per share, his shares were forfeited. These shares were reissued at the rate of Rs. 8 per share credited as fully paid. Pass journal entries to record the forfeiture and reissue of shares. July 15, 2022 Reliance Ltd. purchased machinery costing Rs. 1,35,000. It was agreed that the purchase consideration be paid by issuing 9% Debentures of Rs. 100 each. Assume debentures have been issued (i) at par and (ii)at a discount of 10%. Give necessary journal entries. July 16, 2022 VT Ltd forfeited 200 shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Mohan for non-payment of the final call of Rs. 3 per share. 100 out of these shares were reissued to Narendra at a discount of Rs. 4 per share. Journalise. VT Ltd forfeited 200 shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Mohan for non-payment of the final call of Rs. 3 per share. 100 out of these shares were reissued to Narendra at a discount of Rs. 4 per share. Journalise. July 14, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Gaurav applied for 5,000 shares of Rs. 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis. After having paid Rs. 3 per share on application, he did not pay allotment money of Rs. 4.50 per share (including premium) and on his subsequent failure to pay the first call of Rs. 2 per share, his shares were forfeited. These shares were reissued at the rate of Rs. 8 per share credited as fully paid. Pass journal entries to record the forfeiture and reissue of shares. July 15, 2022
Reliance Ltd. purchased machinery costing Rs. 1,35,000. It was agreed that the purchase consideration be paid by issuing 9% Debentures of Rs. 100 each. Assume debentures have been issued (i) at par and (ii)at a discount of 10%. Give necessary journal entries. July 16, 2022
VT Ltd forfeited 200 shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Mohan for non-payment of the final call of Rs. 3 per share. 100 out of these shares were reissued to Narendra at a discount of Rs. 4 per share. Journalise. VT Ltd forfeited 200 shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Mohan for non-payment of the final call of Rs. 3 per share. 100 out of these shares were reissued to Narendra at a discount of Rs. 4 per share. Journalise. July 14, 2022