On dissolution of a firm, out of the proceeds received from the sale of assets Who will be paid last of all? Post category:Accountancy Reading time:1 mins read SOLUTION Partner’s Capital. 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 PostWhat is meant by dissolution of partnership firm? Next PostWhy is Realisation Account prepared? You Might Also Like Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019 after closing the books of account, their Capital Accounts stood at Rs. 4,80,000 and Rs. 6,00,000 respectively. On 1st May, 2018, Simrat introduced an additional capital of Rs. 1,20,000 and Bir withdrew Rs. 60,000 from his capital. On 1st October, 2018, Simrat withdrew Rs. 2,40,000 from her capital and Bir introduced Rs. 3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted. Profit for the year ended 31st March, 2019 amounted to Rs. 2,40,000 and the partners’ drawings had been: Simrat – Rs. 1,20,000 and Bir – Rs. 60,000. Compute the interest on capital if the capitals are (a) fixed, and (b) fluctuating. July 21, 2022 X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit A into partnership and give him 1/5th share of profits. Find the new profit-sharing ratio. July 29, 2022 What is the basis of calculation of deceased partner’s share of profit from the date of last balance sheet to the date of his death? (C.B.S.E. 2019.Kerala) September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019 after closing the books of account, their Capital Accounts stood at Rs. 4,80,000 and Rs. 6,00,000 respectively. On 1st May, 2018, Simrat introduced an additional capital of Rs. 1,20,000 and Bir withdrew Rs. 60,000 from his capital. On 1st October, 2018, Simrat withdrew Rs. 2,40,000 from her capital and Bir introduced Rs. 3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted. Profit for the year ended 31st March, 2019 amounted to Rs. 2,40,000 and the partners’ drawings had been: Simrat – Rs. 1,20,000 and Bir – Rs. 60,000. Compute the interest on capital if the capitals are (a) fixed, and (b) fluctuating. July 21, 2022
X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit A into partnership and give him 1/5th share of profits. Find the new profit-sharing ratio. July 29, 2022
What is the basis of calculation of deceased partner’s share of profit from the date of last balance sheet to the date of his death? (C.B.S.E. 2019.Kerala) September 27, 2022
