M, S and R were partners in a firm sharing profits and losses in the ratio of 2: 1:2. On 31.03.2022, their Balance Sheet was as follows: Balance Sheet of M, S and R as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 80,000 Fixed Assets 1,20,000 Capitals: Stock 70,000 M 60,000 … Read more
Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account: (i) An unrecorded asset of ₹18,000 was taken over by Tina at ₹16,000. (ii) Rina agreed to pay her brother’s … Read more
Aadish and Shreyansh were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of Aadish and Shreyansh as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 90,000 Cash at Bank 20,000 Mrs. Aadish’s Loan … Read more
Charu, Dhwani, Iknoor and Paavni were partners in a firm. They had entered into partnership firm last year only, through a verbal agreement. They contributed Capitals in the firm and to meet other financial requirements, few partners also provided loan to the firm. Within a year, their conflicts arisen due to certain disagreements and they … Read more
B, C and D were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of B, C and D as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Sundry Creditors 1,20,000 Bank 17,000 … Read more
Give the necessary journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Realisation Account. They shared profits and losses in the ratio of 2:1. Sonu agreed to take … Read more
Sonu, Monu and Ashu were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of Sonu, Monu and Ashu as at 31st March, 2022 Liabilities Amount (₹) Assets Amount (₹) Creditors 35,000 Bank 22,000 General … Read more
Dissolution T, U and V were partners in a firm sharing profits and losses in the ratio of 2:1:2. Their firm was incurring huge losses thus it had to be closed. After transferring assets (other than cash in hand and bank) and third party liabilities to realization account the following transactions took place: T took … Read more
A and B are partners sharing profits and losses equally. On 31st March, 2021, they decided to dissolve their firm. On the date of dissolution, their Balance Sheet was as under: Balance Sheet of A and B as at 31st March, 2021 Liabilities Amount ₹ Assets Amount ₹ Creditors 3,00,000 Bank 3,00,000 A’s Loan 60,000 … Read more
Chanda, Tara and Nisha were partners in a firm sharing profits and losses in the ratio of 3: 2:1. They decided to dissolve the firm on 31st March, 2021, Pass necessary Journal Entries for the following transactions after all assets (other than cash and bank) and third party liabilities have been transferred to Realisation Account. … Read more