What is meant by ‘Reconstitution of a Partnership Firm’? (Delhi and Al 2014) Post category:Accountancy Reading time:1 mins read SOLUTION Reconstitution of a partnership firm means change in economic relationship among partners. For example,change in profit-sharing ratio or retirement of a 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 PostNusrat and Sonu were partners in a firm sharing profits in the ratio of 3: 2. During the year ended 31st March, 2015 Nusrat had withdrawn Rs. 15,000. Interest on her drawings amounted to Rs. 300. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fixed. (Delhi 2016) Next PostDoes the change in profit-sharing ratio result into dissolution of the partnership firm? Give reason in support of your answer. (AI 2017 C) You Might Also Like P and Q are partners sharing profits in the ratio of 5: 3. R is admitted and the new ratio is 4: 3 :2. What will be the sacrificing ratio? September 26, 2022 Pass necessary Journal entries on the dissolution of a firm in the following cases: (a) Dharam, a partner, was appointed to look after the process of dissolution at a remuneration of Rs. 12,000 and he had to bear the dissolution expenses. Dissolution expenses Rs. 11,000 were paid by Dharam. (b) Jay, a partner, was appointed to look after the process of dissolution and was allowed a remuneration of Rs. 15,000. Jay agreed to bear dissolution expenses. Actual dissolution expenses Rs. 16,000 were paid by Vijay, another partner on behalf of Jay. (c) Deepa, a partner, was to look after the process of dissolution and for this work she was allowed a remuneration of Rs. 7,000. Deepa agreed to bear dissolution expenses. Actual dissolution expenses Rs. 6,000 were paid from the firm’s bank account. (d) Dev, a partner, agreed to do the work of dissolution for Rs. 7,500. He took away stock of the same amount as his commission. The stock had already been transferred to Realisation Account. (e) Jay’s, a partner, agreed to do the work of dissolution for which he was allowed a commission of Rs. 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jay’s were Rs. 12,000. These expenses were paid by Jay’s by drawing cash from the firm. (f) A debtor of Rs. 8,000 already transferred to Realisation Account agreed to pay the realisation expenses of Rs. 7,800 in full settlement of his account. July 25, 2022 What are calls in Arrears? September 28, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
P and Q are partners sharing profits in the ratio of 5: 3. R is admitted and the new ratio is 4: 3 :2. What will be the sacrificing ratio? September 26, 2022
Pass necessary Journal entries on the dissolution of a firm in the following cases: (a) Dharam, a partner, was appointed to look after the process of dissolution at a remuneration of Rs. 12,000 and he had to bear the dissolution expenses. Dissolution expenses Rs. 11,000 were paid by Dharam. (b) Jay, a partner, was appointed to look after the process of dissolution and was allowed a remuneration of Rs. 15,000. Jay agreed to bear dissolution expenses. Actual dissolution expenses Rs. 16,000 were paid by Vijay, another partner on behalf of Jay. (c) Deepa, a partner, was to look after the process of dissolution and for this work she was allowed a remuneration of Rs. 7,000. Deepa agreed to bear dissolution expenses. Actual dissolution expenses Rs. 6,000 were paid from the firm’s bank account. (d) Dev, a partner, agreed to do the work of dissolution for Rs. 7,500. He took away stock of the same amount as his commission. The stock had already been transferred to Realisation Account. (e) Jay’s, a partner, agreed to do the work of dissolution for which he was allowed a commission of Rs. 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jay’s were Rs. 12,000. These expenses were paid by Jay’s by drawing cash from the firm. (f) A debtor of Rs. 8,000 already transferred to Realisation Account agreed to pay the realisation expenses of Rs. 7,800 in full settlement of his account. July 25, 2022