What are Current Liabilities? Post category:Accountancy Reading time:1 mins read SOLUTION Current liabilities refer to those liabilities which are to be paid in near future (normally within one year). 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 are Current Assets? Next PostWhat is an ideal current ratio? You Might Also Like X, Y and Z were partners in a firm sharing profit in 3: 2: 1. The firm closes its books on 31st March every year. Y died on 30th June, 2021. On Y’s death goodwill of the firm was valued at Rs. 60,000. Y’s share in the profit of the firm till the date of his death was to be calculated on the basis of previous year’s profit which was Rs. 1,50,000. Pass necessary Journal entries for goodwill and Y’s share of profit at the time of his death. August 5, 2022 What are Common Size Statements? October 1, 2022 Pass entries in the firm’s journal for the following on admission of a partner: (i) Machinery be reduced by Rs. 16,000 and Building be appreciated by Rs. 40,000. (ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to Rs. 80,000. (iii) Provision for warranty claims be increased by Rs. 12,000.(iv) Furniture (Book Value Rs. 50,000) is to be reduced by 40%.(v) Furniture (Book Value Rs. 50,000) is to be reduced by 60%. November 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X, Y and Z were partners in a firm sharing profit in 3: 2: 1. The firm closes its books on 31st March every year. Y died on 30th June, 2021. On Y’s death goodwill of the firm was valued at Rs. 60,000. Y’s share in the profit of the firm till the date of his death was to be calculated on the basis of previous year’s profit which was Rs. 1,50,000. Pass necessary Journal entries for goodwill and Y’s share of profit at the time of his death. August 5, 2022
Pass entries in the firm’s journal for the following on admission of a partner: (i) Machinery be reduced by Rs. 16,000 and Building be appreciated by Rs. 40,000. (ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to Rs. 80,000. (iii) Provision for warranty claims be increased by Rs. 12,000.(iv) Furniture (Book Value Rs. 50,000) is to be reduced by 40%.(v) Furniture (Book Value Rs. 50,000) is to be reduced by 60%. November 3, 2022