Michael, Jackson and John were partners in a firm sharing profits in the ratio of 3 : 1 : 1. On 31st March, 2017, they decided to dissolve their firm. On that date their Balance Sheet was as follows: Balance Sheet of Michael, Jackson and John as at 31.3.2017 Liabilities Amount (Rs.) Assets Amount (Rs.) … Read more
Hema and Garima were partners in a firm sharing profits in the ration of 3:2. On March 31, 2015, their Balance Sheet was as follows: Balance Sheet of Hema and Garima as at March 31, 2015 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 36,000 Bank 40,000 Garima’s Husband’s Loan 60,000 Debtors 76,000 Hema’s Loan 40,000 … Read more
Give the necessary journal entries for the following transactions on dissolution of the firm of Anita and Ravi on 31st March 2016, after the various assets (other than cash) and the third party liabilities have been transferred to Realisation Account. They shared profits and losses in the ratio 3 : 2. (a) Ravi was to … Read more
Give the necessary journal entries for the following transactions on dissolution of the firm of Aman and Rajat on 31st March, 2016, after the transfer of various assets (other than cash) and the third party liabilities to Realisation Account. They shared profits and losses in the ratio of 2 : 1. (a) There was a … Read more
Girija and Ganesh were partners in a firm sharing, profits and losses in the ratio of 2 : 3. On 31st March, 2017 their Balance Sheet was as follows : Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 80,000 Cash at Bank 20,000 Bank Overdraft 50,000 Debtors … Read more
Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3:2. They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was deputed to realize the assets and to pay off the liabilities. He was paid ₹ 1,000 as commission for his services. The financial position of … Read more
A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2018 was as follows : Balance Sheet of A, B and C as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals Cash at Bank 3,00,000 … Read more
Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3 : 2. On 31st March, 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at bank) and third party liabilities to the Realization Account, the following information was provided: (i) Furniture of … Read more
Ashish and Kanav were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2018 their Balance Sheet was as follows: Balance Sheet of Ashish and Kanav as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Trade Creditors 42,000 Bank 35,000 Employees’ Provident Fund 60,000 … Read more
Niyati, Kartik and Ratik were partners in a firm sharing profits and losses in the ratio of 5:3:2. The firm was dissolved on 31st March, 2019 by the order of the court. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place : (a) An unrecorded liability … Read more