Pass the necessary journal entries for the following transactions on dissolution of the firm of Avyan and Shruti after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account: (i) Sundry creditors amounting to Rs. 40,000 were settled at a discount of 10%. (ii) An unrecorded computer of Rs. 50,000 was … Read more
Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after the various assets (other than cash and bank) and external liabilities have been transferred to realisation account: (i) There was an outstanding bill for repairs for which Rs. 20,000 were paid. (ii) The firm … Read more
Abhay, Bikram and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve their partnership firm on 31st March, 2023. s Balance Sheet on the date of dissolution was as follows: Balance Sheet of Abhay, Bikram and Chris as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: … Read more
Nandu, Bandu and Chandu were partners in a firm. On 31st March, 2023 they decided to dissolve the firm. Pass necessary journal entries for the following transactions after the various assets (other than cash and bank) and outside liabilities have been transferred to Realisation Account: (i) Stock of Rs. 1,40,000 was taken by Nandu at … Read more
Archana, Vandana and Arti were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet on 31st March, 2023 was as follows: Balance Sheet of Archana, Vandana and Arti as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Archana Vandana ArtiGeneral ReserveCreditors 80,00070,00060,000 2,10,00030,00060,000 InvestmentsPlantStockDebtorsCash at … Read more
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