How are the assets and liabilities of a Company usually marshalled? Post category:Accountancy Reading time:1 mins read SOLUTION In the order of Permanence. 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 PostWhat is the number of major heads of the Equity and Liabilities side of a Company’s Balance Sheet? Next PostWhat is ‘Operating Cycle’? You Might Also Like Revenue from Operations, i.e., Net Sales Rs. 6,00,000. Calculate Net Profit Ratio. August 17, 2022 Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are Rs. 4,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was Rs. 1,00,000, without taking into account the following adjustments: (a) Interest on capitals @ 2.5% p.a.; (b) Salary to Mudit Rs. 18,000 p.a. and commission to Uday Rs. 12,000. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying Journal entry in the books of the firm. Show workings clearly. July 22, 2022 On the basis of following data, how much final payment to a partner on firm’s dissolution will be made? Debit balance of Capital Account Rs. 14,000; Share of his profit on realisation Rs. 43,000; Firm’s asset taken over by him for Rs. 17,000. September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are Rs. 4,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was Rs. 1,00,000, without taking into account the following adjustments: (a) Interest on capitals @ 2.5% p.a.; (b) Salary to Mudit Rs. 18,000 p.a. and commission to Uday Rs. 12,000. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying Journal entry in the books of the firm. Show workings clearly. July 22, 2022
On the basis of following data, how much final payment to a partner on firm’s dissolution will be made? Debit balance of Capital Account Rs. 14,000; Share of his profit on realisation Rs. 43,000; Firm’s asset taken over by him for Rs. 17,000. September 27, 2022
