When a Creditor takes over an asset whose value is less than the amount due to him in full settlement of his claim, what entry shall be passed? Post category:Accountancy Reading time:1 mins read SOLUTION No entry. 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 PostWhy partner’s loan is not transferred to Realisation A/c? Next PostHow is Workmen Compensation Reserve shown in the Balance Sheet of a partnership firm, treated at the time of its dissolution? You Might Also Like Calculate Total Assets to Debt Ratio from the following information: August 12, 2022 Nirmal and Pawan are partners sharing profits in the ratio of 3: 2. The firm had given loan to Pawan of Rs. 5,00,000 on 1st April, 2021. Interest was to be charged @ 10% p.a. The firm took loan of Rs. 2,00,000 from Nirmal on 1st October, 2021. Before giving effect to the above, the firm incurred a loss of Rs. 10,000 for the year ended 31st March, 2022. Determine the amount to be transferred to Profit and Loss Appropriation Account. September 16, 2022 Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2: 1: 1. Rohit is guaranteed n profit of Rs. 14,000. The firm earned a profit of Rs. 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit. (C.B.S.E. 2020; Punjab) September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Nirmal and Pawan are partners sharing profits in the ratio of 3: 2. The firm had given loan to Pawan of Rs. 5,00,000 on 1st April, 2021. Interest was to be charged @ 10% p.a. The firm took loan of Rs. 2,00,000 from Nirmal on 1st October, 2021. Before giving effect to the above, the firm incurred a loss of Rs. 10,000 for the year ended 31st March, 2022. Determine the amount to be transferred to Profit and Loss Appropriation Account. September 16, 2022
Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2: 1: 1. Rohit is guaranteed n profit of Rs. 14,000. The firm earned a profit of Rs. 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit. (C.B.S.E. 2020; Punjab) September 26, 2022
