There was a contingent liability for B/R received from Ashok for Rs. 20,000 and discounted with the bank. Ashok became insolvent and 75 paise in a rupee were received from his estate. How much amount will be debited/credited to Realisation Account? Post category:Accountancy Reading time:1 mins read SOLUTION Debit Rs. 20,000 and Credit Rs. 15,000. 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 Balance Sheet Total Debtors appear at Rs. 50,000 and Provision for Doubtful Debts appear at Rs. 1,500. How much amount will be realised from Debtors, if bad debts amount to Rs. 10,000 and remaining debtors are realised at a discount of 5%. Next PostHow much amount will be paid to Creditors for Rs. 25,000 if Rs. 5,000 of the creditors are not to be paid and the remaining creditors agreed to accept 5% less amount? You Might Also Like Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2 : 1 as at 31st March, 2019: August 1, 2022 What is meant by redemption of debentures out of Profits? September 30, 2022 Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2: 1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the Balance Sheet of Ram and Shyam showed General Reserve of Rs. 2,50,000 and a credit balance of Rs. 50,000 in Profit and Loss Account. Pass necessary Journal entries on the treatment of these items on Mohan’s admission. November 4, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2 : 1 as at 31st March, 2019: August 1, 2022
Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2: 1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the Balance Sheet of Ram and Shyam showed General Reserve of Rs. 2,50,000 and a credit balance of Rs. 50,000 in Profit and Loss Account. Pass necessary Journal entries on the treatment of these items on Mohan’s admission. November 4, 2022
