On dissolution of a partnership firm, where is profit or loss on realization transferred? Post category:Accountancy Reading time:1 mins read SOLUTION In the Partner’s Capital Accounts in their profit-sharing 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 PostIn the event of dissolution of a partnership firm, where is the provision for doubtful debts transferred? Next PostOn dissolution, what entry is passed if a partner under takes to make payment of a liability of the firm? You Might Also Like Sona Ltd. purchased machinery costing Rs. 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of Rs. 100 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Sona Ltd. Show your working notes clearly. July 14, 2022 Amit, Binita and Charu are three partners. On 1st April, 2018, their Capitals stood as: Amit Rs. 1,00,000, Binita Rs. 2,00,000 and Charu Rs. 3,00,000. It was decided that: (a) they would receive interest on Capital @ 5% p.a., (b) Amit would get a salary of Rs. 10,000 per month, (c) Binita would receive commission @ 5% of net profit after deduction of commission, and (d) 10% of the net profit would be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2019 was Rs. 5,00,000. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the partners. July 21, 2022 A and B were partners in a firm sharing profits in the ratio of 3: 2. C and D were admitted as new partners. A sacrificed 1 / 4th of his share in favour of C and B sacrificed 50% of his share in favour of D. Calculate the new profit-sharing ratio of A, B, C and D. (C.B.S.E. 2019, Kerala) September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Sona Ltd. purchased machinery costing Rs. 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of Rs. 100 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Sona Ltd. Show your working notes clearly. July 14, 2022
Amit, Binita and Charu are three partners. On 1st April, 2018, their Capitals stood as: Amit Rs. 1,00,000, Binita Rs. 2,00,000 and Charu Rs. 3,00,000. It was decided that: (a) they would receive interest on Capital @ 5% p.a., (b) Amit would get a salary of Rs. 10,000 per month, (c) Binita would receive commission @ 5% of net profit after deduction of commission, and (d) 10% of the net profit would be transferred to the General Reserve. Before the above items were taken into account, the profit for the year ended 31st March, 2019 was Rs. 5,00,000. Prepare Profit and Loss Appropriation Account and the Capital Accounts of the partners. July 21, 2022
A and B were partners in a firm sharing profits in the ratio of 3: 2. C and D were admitted as new partners. A sacrificed 1 / 4th of his share in favour of C and B sacrificed 50% of his share in favour of D. Calculate the new profit-sharing ratio of A, B, C and D. (C.B.S.E. 2019, Kerala) September 27, 2022