Give the accounting entry for an unrecorded liability in case of reconstitution of partnership firm. Post category:Accountancy Reading time:1 mins read SOLUTION Revaluation A/c Dr. To Sundry Liabilities(Unrecorded liability now recorded) 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 PostGive the accounting entry for unrecorded assets in case of reconstitution of a partnership firm. (C.B.S.E. 2019, Delhi) Next PostHow can a new partner be admitted? You Might Also Like What does a low working capital turnover ratio indicates? October 3, 2022 XYZ Ltd. invited applications for issuing 50,000 Equity Shares of Rs. 10 each. The amount was payable as: July 15, 2022 A, B and C are partners in a firm. Net profit of the firm for the year ended 31st March, 2019 is Rs. 30,000, which has been duly distributed among the partners, in their agreed ratio of 3 : 1 : 1. It is noticed on 10th April, 2019 that the undermentioned transactions were not passed through the books of account of the firm for the year ended 31st March, 2019. (a) Interest on Capital @ 6% per annum, the capital of A, B and C being Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively. (b) Interest on drawings: A Rs. 350; B Rs. 250; C Rs. 150. (c) Partners’ Salaries: A Rs. 5,000; B Rs. 7,500. (d) Commission due to A (for some special transaction) Rs. 3,000. You are required to pass a Journal entry, which will not affect Profit and Loss Account of the firm and rectify the position of partners inter se. July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
XYZ Ltd. invited applications for issuing 50,000 Equity Shares of Rs. 10 each. The amount was payable as: July 15, 2022
A, B and C are partners in a firm. Net profit of the firm for the year ended 31st March, 2019 is Rs. 30,000, which has been duly distributed among the partners, in their agreed ratio of 3 : 1 : 1. It is noticed on 10th April, 2019 that the undermentioned transactions were not passed through the books of account of the firm for the year ended 31st March, 2019. (a) Interest on Capital @ 6% per annum, the capital of A, B and C being Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively. (b) Interest on drawings: A Rs. 350; B Rs. 250; C Rs. 150. (c) Partners’ Salaries: A Rs. 5,000; B Rs. 7,500. (d) Commission due to A (for some special transaction) Rs. 3,000. You are required to pass a Journal entry, which will not affect Profit and Loss Account of the firm and rectify the position of partners inter se. July 22, 2022