How will the Realisation Account closed, if it discloses a loss? Post category:Accountancy Reading time:1 mins read SOLUTION It is closed by transferring to the debit side of partner’s capital accounts in their profit-sharing ratio. 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 a firm, what entry is passed on making payment of realization expenses by a partner? Next PostOn firm’s dissolution, which account should he prepared at the last? You Might Also Like At the time of admission of a partner, who decides what will be the share of profit of the new partner out of the firm’s profit? (Delhi 2013 C. CBSF. 2019 c) October 8, 2022 Following are the extracts from the Balance Sheet of MAH Ltd. as at 31st March, 2019: August 18, 2022 Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya: (a) There was an old furniture in the firm which had been written off completely in the books. This was sold for Rs. 3,000. (b) Ashish, an old customer whose account for Rs. 1,000 was written off as bad in the previous year, paid 60%, of the amount. (c) Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs. 30,000. (d) There was an old typewriter which had been written off completely from the books. It was estimated to realise Rs. 400. It was taken by Priya at an estimated price less 25%. (e) There were 100 shares of Rs. 10 each in Star Limited acquired at a cost of Rs. 2,000 which had been written-off completely from the books. These shares are valued @ Rs. 6 each and divided among the partners in their profit-sharing ratio. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
At the time of admission of a partner, who decides what will be the share of profit of the new partner out of the firm’s profit? (Delhi 2013 C. CBSF. 2019 c) October 8, 2022
Following are the extracts from the Balance Sheet of MAH Ltd. as at 31st March, 2019: August 18, 2022
Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya: (a) There was an old furniture in the firm which had been written off completely in the books. This was sold for Rs. 3,000. (b) Ashish, an old customer whose account for Rs. 1,000 was written off as bad in the previous year, paid 60%, of the amount. (c) Paras agreed to takeover the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs. 30,000. (d) There was an old typewriter which had been written off completely from the books. It was estimated to realise Rs. 400. It was taken by Priya at an estimated price less 25%. (e) There were 100 shares of Rs. 10 each in Star Limited acquired at a cost of Rs. 2,000 which had been written-off completely from the books. These shares are valued @ Rs. 6 each and divided among the partners in their profit-sharing ratio. July 25, 2022