What journal entry’ will be recorded for deceased partner’s share in profit from the closure of last balance sheet till the date of his death? Post category:Accountancy Reading time:1 mins read SOLUTION Profit and Loss Suspense A/c Dr. To Deceased Partner’s Capital A/c 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 PostName two items which are credited to the Capital Account of a partner upon his death. Next PostWhat journal entry will be recorded for writing off the goodwill already existing in Balance Sheet at the time of retirement of a partner? You Might Also Like Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a balance of 75,000 in the Profit and Loss Account and a balance of Rs. 15,000 in Investment Fluctuation Fund. For this purpose, it was agreed that: (i) Goodwill of the firm was valued at Rs. 3,00,000. (ii) That investments (having a book value of Rs. 50,000) were valued at Rs. 35,000. (iii) That stock having a book value of Rs. 50,000 be depreciated by 109%. Pass the necessary Journal entries for the above in the books of the firm. (CBSE 2019) October 28, 2022 A. B and C are partners sharing profits in the ratio of 1 /2: 1 / 4: 1 / 4 What will be the new ratio on the retirement of B? September 27, 2022 X and Y are partners in a firm. X is entitled to a salary of Rs. 10,000 per month and commission of 10% of the net profit after partners’ salaries but before charging commission. Y is entitled to a salary of Rs. 25,000 p.a. and commission of 10% of the net profit after charging all commission and partners’ salaries. Net profit before providing for partners’ salaries and commission for the year ended 31st March, 2019 was Rs. 4,20,000. Show distribution of profit. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a balance of 75,000 in the Profit and Loss Account and a balance of Rs. 15,000 in Investment Fluctuation Fund. For this purpose, it was agreed that: (i) Goodwill of the firm was valued at Rs. 3,00,000. (ii) That investments (having a book value of Rs. 50,000) were valued at Rs. 35,000. (iii) That stock having a book value of Rs. 50,000 be depreciated by 109%. Pass the necessary Journal entries for the above in the books of the firm. (CBSE 2019) October 28, 2022
A. B and C are partners sharing profits in the ratio of 1 /2: 1 / 4: 1 / 4 What will be the new ratio on the retirement of B? September 27, 2022
X and Y are partners in a firm. X is entitled to a salary of Rs. 10,000 per month and commission of 10% of the net profit after partners’ salaries but before charging commission. Y is entitled to a salary of Rs. 25,000 p.a. and commission of 10% of the net profit after charging all commission and partners’ salaries. Net profit before providing for partners’ salaries and commission for the year ended 31st March, 2019 was Rs. 4,20,000. Show distribution of profit. July 21, 2022