Accountancy

P, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2019. P was deputed to realise the assets and pay the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm was:

LiabilitiesAmount( Rs.)AssetsAmount( Rs.)Creditors 10,000Stock5,500Bills Payable3,700Investments                                15,000Investments Fluctuation Reserve         4,500Debtors 7,100Capital A/cs: Less: Provision for Doubtful Debtors (450)6,650P 37,550 Cash5,600Q 15,00052,550R's Capital A/c8,000  Plant and Machinery 30,000     70,750 70,750 P took over Investments for Rs. 12,500. Stock and Debtors realised Rs. 11,500. Plant and Machinery were…

Continue ReadingP, Q and R were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They agreed to dissolve their partnership firm on 31st March, 2019. P was deputed to realise the assets and pay the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm was:

Balance Sheet of P, Q and R as at 31st March, 2019, who were sharing profits in the ratio of 5 : 3 : 1, was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Bills Payable40,000Cash at Bank40,000Loan from Bank30,000Stock19,000General Reserve9,000Sundry Debtors 42,000Capital A/cs: Less: Provision for Doubtful Debts (2,000)40,000P 44,000 Building40,000 Q 36,000 Plant and Machinery40,000R 20,0001,00,000     1,79,000 1,79,000     The partners dissolved the business. Assets realised − Stock Rs. 23,400; Debtors 50%; Fixed Assets…

Continue ReadingBalance Sheet of P, Q and R as at 31st March, 2019, who were sharing profits in the ratio of 5 : 3 : 1, was:

A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019, their Balance Sheet was as follows:

BALANCE SHEET as at 31st March, 2019 LiabilitiesAmount( Rs.)AssetsAmount( Rs.)Creditors38,000Cash at Bank11,500M Rs. A's Loan10,000Stock6,000B's Loan15,000Debtor Rs.19,000Reserve5,000Furniture4,000Capital A/c : Plant28,000A's Capital 10,000Investments10,000 B's Capital 8,000 18,000 Profit and Loss A/c7,500      86,000 86,000  The firm was dissolved on 31st March, 2019 and both the…

Continue ReadingA and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019, their Balance Sheet was as follows:

Shilpa, Meena and Nanda decided to dissolve their partnership on 31st March, 2019. Their profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:

BALANCE SHEET OF SHILPA, MEENA AND NANDA as at 31st March, 2019 Liabilities Rs.Assets Rs.Capital A/c : Land81,000Shilpa 80,000 Stock56,760Meena 40,0001,20,000Debtor Rs.18,600Bank Loan 20,000Nanda's Capital23,000Creditors 37,000Cash10,840Provision For Doubtful Debts 1,200 General Reserve 12,000       1,90,200 1,90,200 It is agreed as follows:The stock of value of Rs. 41,660…

Continue ReadingShilpa, Meena and Nanda decided to dissolve their partnership on 31st March, 2019. Their profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:

Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2019 at which date their Balance Sheet stood as:

Liabilities Rs.Assets Rs.Capital A/c : Building45,000Bale 50,000 Machinery15,000Yale 40,00090,000Furniture12,000General Reserve 8,000Debtor Rs.8,000Bale's Loan A/c 3,000Stock24,000Creditors 14,000Bank11,000     1,15,000 1,15,000 (a) The assets realised were:Stock  Rs. 22,000; Debtor Rs. 7,500; Machinery  Rs. 16,000; Building  Rs. 35,000.(b) Yale took over the Furniture at Rs. 9,000.(c) Bale agreed to accept Rs. 2,500 in full settlement of his Loan…

Continue ReadingBale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2019 at which date their Balance Sheet stood as:

Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2019, their Balance Sheet was as follows:

LiabilitiesAmount ( Rs.)AssetsAmount ( Rs.)Capital A/c : Land and Building4,00,000Achal  3,00,000 Machinery3,00,000Vichal 5,00,0008,00,000Debtor Rs.2,22,000Creditors1,79,000Cash at Bank 78,000Employees' Provident Fund21,000   10,00,000 10,00,000 The firm was dissolved on 1st April, 2019 and the Assets and Liabilities were settled as follows:(a)…

Continue ReadingAchal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2019, their Balance Sheet was as follows:

Ashish and Kanav were partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2018 their Balance Sheet was as follows :              

Balance Sheet of Ashish and Kanav as at 31st March, 2018 LiabilitiesAmount(Rs.) AssetsAmount(Rs.)Trade CreditorsEmployee's Provident FundMrs. Ashish's LoanKanav's LoanWorkmen's compensation FundInvestment Fluctuation ReserveCapital:    Ashish     1,20,000     Kanav   …

Continue ReadingAshish and Kanav were partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2018 their Balance Sheet was as follows :              

Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was deputed to realise the assets and to pay off the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm on 31st March, 2018 was as follows:

BALANCE SHEET as at 31st March, 2018 LiabilitiesAmount ( Rs.)AssetsAmount ( Rs.)Creditors80,000Building1,20,000M Rs. Pradeep's Loan40,000Investment30,600Rajesh's Loan24,000Debtor Rs. 34,000Investment Fluctuation Fund8,000Less: Provision for Doubtful Debts (4,000)30,000Capital A/c : Bills Receivable37,400Pradeep 42,000Bank6,000Rajesh 42,00084,000Profit and Loss A/c8,000  Goodwill4,000 2,36,000 2,36,000     Following terms and conditions…

Continue ReadingPradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was deputed to realise the assets and to pay off the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm on 31st March, 2018 was as follows:

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows:

LiabilitiesAmount( Rs.)AssetsAmount( Rs.)Creditors1,70,000Bank1,10,000Workmen Compensation Reserve  2,10,000Debtor Rs.2,40,000General Reserve2,00,000Stock1,30,000Ramesh's Current Account80,000Furniture2,00,000Capital A/c :Machinery9,30,000Ramesh 7,00,000Umesh's Current Account50,000Umesh 3,00,00010,00,000     16,60,000 16,60,000 On the above date the firm was dissolved.(a) Ramesh took over 50% of stock at Rs. 10,000 less than book value. The remaining stock was…

Continue ReadingRamesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows: