On dissolution of a firm, out of the proceeds received from the sale of assets Who will be paid first of all. Post category:Accountancy Reading time:1 mins read SOLUTION First of all, outside (Third-party) debts of the firm will be paid. 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 two circumstances under which a partnership is dissolved. Next PostWhat is meant by dissolution of partnership firm? You Might Also Like At what rate interest is payable on the amount remaining unpaid to the executor of deceased partner? (C.B.S.E. 2019 M.P.) September 27, 2022 Equity Share Capital Rs. 15,00,000; Gross Profit on Revenue from Operations, i.e., Net Sales 33.13%; Cost Revenue from Operations or Cost of Goods Sold Rs. 20,00,000; Current Assets Rs. 10,00,000; Current Liabilities Rs. 2,50,000. Calculate Working Capital Turnover Ratio. August 16, 2022 Competent Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 5 as per application (including Rs. 2 as premium), Rs. 4 as per allotment and the balance towards first and final call. Applications were received for 65,000 shares. Application money received on 5,000 shares was refunded with letter of regret and allotments were made on pro rata basis to the applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment. Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money. All the forfeited shares were subsequently sold to Mr. Jain credited as fully paid-up for Rs. 9 per share. You are required to set out the Journal entries and the relevant entries in the Cash Book. July 15, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
At what rate interest is payable on the amount remaining unpaid to the executor of deceased partner? (C.B.S.E. 2019 M.P.) September 27, 2022
Equity Share Capital Rs. 15,00,000; Gross Profit on Revenue from Operations, i.e., Net Sales 33.13%; Cost Revenue from Operations or Cost of Goods Sold Rs. 20,00,000; Current Assets Rs. 10,00,000; Current Liabilities Rs. 2,50,000. Calculate Working Capital Turnover Ratio. August 16, 2022
Competent Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 5 as per application (including Rs. 2 as premium), Rs. 4 as per allotment and the balance towards first and final call. Applications were received for 65,000 shares. Application money received on 5,000 shares was refunded with letter of regret and allotments were made on pro rata basis to the applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment. Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money. All the forfeited shares were subsequently sold to Mr. Jain credited as fully paid-up for Rs. 9 per share. You are required to set out the Journal entries and the relevant entries in the Cash Book. July 15, 2022