On dissolution of a firm, there was an Unrecorded asset or Rs. 2,000 which was taken over by a partner at Rs. 2,500 What entry will be passed? Post category:Accountancy Reading time:1 mins read SOLUTION Partner’s Capital A/c Dr. 2,500 To Realisation A/c 2,500 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 PostOn dissolution of a firm, Sundry Creditors amounted to Rs. 8,000. These were paid at a discount of 5%. What entry will he passed? Next PostOn the basis of following data, how much final payment to a partner on firm’s dissolution will be made? Debit balance of Capital Account Rs. 14,000; Share of his profit on realisation Rs. 43,000; Firm’s asset taken over by him for Rs. 17,000. You Might Also Like Why is Profit and Loss Appropriation Account prepared by a Partnership Firm? September 26, 2022 X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill: Stock Rs. 60,000; Debtors Rs. 80,000; Land Rs. 1,00,000, Plant and Machinery Rs. 40,000. On the date of admission of Z, the goodwill of the firm was valued at Rs. 6,00,000. Pass necessary Journal entries in the books of the firm on Z’s admission. August 1, 2022 A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in Rs. 10,000 for his capital and Rs. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Profits for the first year of the new partnership was Rs. 24,000. Pass necessary Journal entries for C’s admission and apportion the profit between the partners. August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill: Stock Rs. 60,000; Debtors Rs. 80,000; Land Rs. 1,00,000, Plant and Machinery Rs. 40,000. On the date of admission of Z, the goodwill of the firm was valued at Rs. 6,00,000. Pass necessary Journal entries in the books of the firm on Z’s admission. August 1, 2022
A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in Rs. 10,000 for his capital and Rs. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Profits for the first year of the new partnership was Rs. 24,000. Pass necessary Journal entries for C’s admission and apportion the profit between the partners. August 1, 2022