Raja, Rajan and Rajani were partners in a firm sharing profits and losses in the ratio of 2:2:1. On 31st March, 2024, their Balance Sheet was as follows: Balance Sheet of Raja, Rajan and Rajani as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Land and Building 9,00,000 Raja 3,00,000 Plant and … Read more
Question Jain and Gupta were partners in a firm sharing profits and losses in the ratio of 7:3. On 31st March, 2024, the firm was dissolved. After transferring various assets (other than cash ₹6,400) and the third-party liabilities to Realisation Account, the following transactions took place: (i) Debtors ₹80,000 were taken over by a debt … Read more
Question Lalit and Madan were partners in a firm sharing profits and losses in the ratio of 7: 3. On 31st March, 2024 their firm was dissolved. After transferring sundry assets (other than cash) and third-party liabilities to Realisation Account, the following transactions took place: The firm had stock of ₹2,00,000. 40% of this … Read more
Madhavan, Chatterjee and Pillai were partners in a firm sharing profits and losses in ratio of 2 : 1 : 2. On 31st March, 2024, their Balance Sheet was as follows: Balance Sheet of Madhavan, Chatterjee and Pillai as at 31st March,2024 Liabilities Amount (₹) Assets Amount (₹) Creditors 1,10,000 Cash at Bank 4,05,000 Outstanding … Read more
Madhur and Neeraj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Madhur and Neeraj as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Machinery 7,00,000 Madhur 9,00,000 Investments 4,00,000 Neeraj … Read more
Pass necessary journal entries for the following transactions on dissolution of the firm of Rajesh, Somesh and Yogesh after various assets (other than cash) and third party liabilities have been transferred to Realisation Account . Rajesh took over stock of ₹4,00,000 at a discount of 20%. Somesh agreed to take over the firm’s furniture, not … Read more
Pass the necessary journal entries for the following transactions on the dissolution of a partnership firm of Vibha and Ajit after various assets (other than cash) and external liabilities have been transferred to Realisation Account Creditors worth ₹46,000 accepted ₹9,000 cash and furniture of ₹32,000 in full settlement of their claim. The firm had stock … Read more
Sunny and Bobby were partners in a firm sharing profits and losses in the ratio of 3:2, their balance sheet as at 31st March, 2012: Liabilities Amount(₹) Assets Amount(₹) Creditors 1,90,000 Bank 5,000 Bills Payable 1,10,000 Fixed Deposits 70,000 Employees provident fund 50,000 Stock 86,000 Mrs Sunny’s Loan 55,000 Investments 1,04,000 Bobby’s Loan 85,000 Debtors … Read more
Rusting, a partner of a firm under dissolution was to get a remuneration 2% of the total assets realised other than cash and 10% of the amount distributed to the partners Sundry assets (including Cash ₹8,000) realised at ₹1,16,000 and sundry liabilities to be paid ₹31,340. Calculate Rustings’s remuneration and Show your workings clearly. Also … Read more
Sonia and Rohit were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023 their Balance Sheet was as follows: Balance Sheet of Sonia and Rohit as at 31st March, 2023 Liabilities Amount(₹) Assets Amount (₹) Capitals : Building 2,00,000 Sonia 70,000 Machinery 1,40,000 Rohit 90,000 … Read more