Give the formula for calculating Gaining Ratio of a partners in a partnership firm. Post category:Accountancy Reading time:1 mins read SOLUTION Gaining Ratio = New Ratio – Old Ratio. 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 PostDefine Gaining Ratio? Next PostWhat is meant by Gaining Partners? You Might Also Like State which of the following would result in inflow / outflow or no flow of Cash and Cash Equivalents: (a) Sale of Fixed Assets, Book Value Rs. 1,00,000 at a profit of Rs. 10,000. (b) Sale of goods against cash. (c) Purchase of machinery for cash. (d) Purchase of Land and Building for Rs. 10,00,000. Consideration paid by issue of debentures. (e) Issued fully paid Bonus Shares. (f) Cash withdrawn from bank. (g) Payment of Interim Dividend. (h) Proposed Dividend. August 18, 2022 Following is the Balance Sheet of Mevanca Limited as at 31st March, 2017: August 18, 2022 Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third-party liability have been transferred to Realisation Account: (a) Kunal agreed to pay off his wife’s loan of Rs. 6,000. (b) Total Creditors of the firm were Rs. 40,000. Creditors worth Rs. 10,000 were given a piece of furniture costing Rs. 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10% (c) Rohit had given a loan of Rs. 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at Rs. 3,000, whereas its expected value was Rs. 5,000. (e) The firm had a debit balance of Rs. 15,000 in the Profit and Loss Account on the date of dissolution. (f) Sarthak paid the realisation expenses of Rs. 16,000 out of his private funds, who was to get a remuneration of Rs. 15,000 for completing dissolution process and was responsible to bear all the realisation expenses. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
State which of the following would result in inflow / outflow or no flow of Cash and Cash Equivalents: (a) Sale of Fixed Assets, Book Value Rs. 1,00,000 at a profit of Rs. 10,000. (b) Sale of goods against cash. (c) Purchase of machinery for cash. (d) Purchase of Land and Building for Rs. 10,00,000. Consideration paid by issue of debentures. (e) Issued fully paid Bonus Shares. (f) Cash withdrawn from bank. (g) Payment of Interim Dividend. (h) Proposed Dividend. August 18, 2022
Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third-party liability have been transferred to Realisation Account: (a) Kunal agreed to pay off his wife’s loan of Rs. 6,000. (b) Total Creditors of the firm were Rs. 40,000. Creditors worth Rs. 10,000 were given a piece of furniture costing Rs. 8,000 in full and final settlement. Remaining Creditors allowed a discount of 10% (c) Rohit had given a loan of Rs. 70,000 to the firm which was duly paid. (d) A machine which was not recorded in the books was taken over by Kunal at Rs. 3,000, whereas its expected value was Rs. 5,000. (e) The firm had a debit balance of Rs. 15,000 in the Profit and Loss Account on the date of dissolution. (f) Sarthak paid the realisation expenses of Rs. 16,000 out of his private funds, who was to get a remuneration of Rs. 15,000 for completing dissolution process and was responsible to bear all the realisation expenses. July 25, 2022
