On dissolution of a firm, its Balance Sheet revealed total creditors Rs. 50,000; Total Capital Rs. 48,000; Cash Balance Rs. 3,000. Its assets were realised at 12% less. What will be loss on realisation? Post category:Accountancy Reading time:1 mins read SOLUTION Rs. 11 ,400 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 the firm, partner A demands that his loan of Rs. 1,00,000 should be paid before, payment of Capitals of the partners, whereas partners B and C demand that Capitals should be paid before the payment of A’ s loan. State the order of payment. Next PostOn dissolution of a firm, Sundry Creditors amounted to Rs. 8,000. These were paid at a discount of 5%. What entry will he passed? You Might Also Like Simran and Reema are partners sharing profits in the ratio of 3: 2. Their capitals as on 31st March, 2018 were Rs. 2,00,000 each whereas Current Accounts had balances of Rs. 50,000 and Rs. 25,000 respectively interest is to be allowed @ 5% p.a. on balances in Capital Accounts. The firm earned net profit of Rs. 3,00,000 for the year ended 31st March, 2019. Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year. July 21, 2022 State with reason whether ‘Old furniture written off would result into inflow / outflow or no flow of cash. October 6, 2022 A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. B retired and the new profit-sharing ratio between A and C was 2 : 1. On B’s retirement, the goodwill of the firm was valued at Rs. 90,000. Pass necessary Journal entry for the treatment of goodwill on B’s retirement. August 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Simran and Reema are partners sharing profits in the ratio of 3: 2. Their capitals as on 31st March, 2018 were Rs. 2,00,000 each whereas Current Accounts had balances of Rs. 50,000 and Rs. 25,000 respectively interest is to be allowed @ 5% p.a. on balances in Capital Accounts. The firm earned net profit of Rs. 3,00,000 for the year ended 31st March, 2019. Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year. July 21, 2022
State with reason whether ‘Old furniture written off would result into inflow / outflow or no flow of cash. October 6, 2022
A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. B retired and the new profit-sharing ratio between A and C was 2 : 1. On B’s retirement, the goodwill of the firm was valued at Rs. 90,000. Pass necessary Journal entry for the treatment of goodwill on B’s retirement. August 3, 2022