What is the treatment of provisions against assets on dissolution of a firm? Post category:Accountancy Reading time:1 mins read SOLUTION Provisions against assets are credited to Realisation 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 PostAt which value the assets against which provisions exist are transferred to Realisation Account? Next PostWhat entry is passed when an asset is given to a Creditor in full settlement of his dues? You Might Also Like Following is the Balance Sheet of X and Y as at 31st March, 2019 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively : August 2, 2022 The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of Rs. 10 each, Rs. 7.50 paid be forfeited for non-payment of final call of Rs. 2.50. On 10th June, 2015, 1,800 of these shares were reissued for Rs. 6 per share. Give necessary Journal entries. July 14, 2022 A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in Rs. 10,000 for his capital and Rs. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Profits for the first year of the new partnership was Rs. 24,000. Pass necessary Journal entries for C’s admission and apportion the profit between the partners. August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.