Do you think that the loan by a partner is transferred to Realisation Account at the lime of dissolution of a firm? Why? Post category:Accountancy Reading time:1 mins read SOLUTION No, it is not transferred to Realisation Account because its payment is made after the payment of all outside liabilities. 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 PostWhen a liability is to be discharged by a partner, why is his Capital Account credited? Next PostDo you think that the loan by a partner’s relative is transferred to Realisation Account at the time of dissolution of a firm? Why? You Might Also Like Capital Accounts of A and B stood at Rs. 4,00,000 and Rs. 3,00,000 respectively after necessary adjustments in respect of the drawings and the net profit for the year ended 31st March, 2019. It was subsequently noticed that 5% p.a. interest on capital and also drawings were not taken into account in arriving at the distributable profit. The drawings of the partners had been: A – Rs. 12,000 drawn at the end of each quarter and B – Rs. 18,000 drawn at the end of each half year. The profit for the year as adjusted amounted to Rs. 2,00,000. The partners share profits in the ratio of 3 : 2. You are required to pass Journal entries and show adjusted Capital Accounts of the partners. July 22, 2022 Total Debt Rs. 15,00,000; Current Liabilities Rs. 5,00,000; Capital Employed Rs. 15,00,000. Calculate Total Assets to Debt Ratio. August 12, 2022 State any two grounds on the basis of which the Court may order for dissolution of a partnership firm. (CBSE 2019) October 8, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Capital Accounts of A and B stood at Rs. 4,00,000 and Rs. 3,00,000 respectively after necessary adjustments in respect of the drawings and the net profit for the year ended 31st March, 2019. It was subsequently noticed that 5% p.a. interest on capital and also drawings were not taken into account in arriving at the distributable profit. The drawings of the partners had been: A – Rs. 12,000 drawn at the end of each quarter and B – Rs. 18,000 drawn at the end of each half year. The profit for the year as adjusted amounted to Rs. 2,00,000. The partners share profits in the ratio of 3 : 2. You are required to pass Journal entries and show adjusted Capital Accounts of the partners. July 22, 2022
Total Debt Rs. 15,00,000; Current Liabilities Rs. 5,00,000; Capital Employed Rs. 15,00,000. Calculate Total Assets to Debt Ratio. August 12, 2022
State any two grounds on the basis of which the Court may order for dissolution of a partnership firm. (CBSE 2019) October 8, 2022