Madhav, Madhusudan and Mukund were partners in Jaganath Associates. They decided to dissolve the firm on 31st March 2021. Pass necessary journal entries for the following transactions after various assets (other than cash) and third-party liabilities have been transferred to realization account: (i) Old machine fully written as sold for ₹42,000 while a payment of … Read more
C, D, E were partners in a firm sharing profits in the ratio of 3 :1:1. Their Balance Sheet as at 31st March,2022 was as follows: Balance Sheet of C, D and E as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Machinery 3,20,000 C 4,00,000 Investments 3,00,000 D 2,00,000 Stock 2,00,000 … Read more
Ravi, Kavi and Chand were partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2022, their Balance Sheet was as follows: Balance Sheet of Ravi, Kavi and Chand as on 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Sundry Creditors 70,000 Land 3,50,000 Chand’s Loan 20,000 Stock 3,00,000 … Read more
Sun and Kiran are partners sharing profits and losses equally. They decided to dissolve their firm. Assets and Liabilities have been transferred to Realisation Account. Pass necessary Journal entries for the following: a) All partners are agreed that the process of realisation at the time dissolution will be accomplished by Sun for which he will … Read more
Pass the necessary journal entries for the following transactions on dissolution of the firm of Varun and Vivek after various assets (other than cash) and outside liabilities were transferred to Realisation Account: (i) Varun paid creditors ₹18,500 in full settlement of their claim of ₹20,000. (ii) Vivek agreed to pay his wife’s loan of ₹70,000. … Read more
Pass the necessary journal entries for the following transactions in case of dissolution of the partnership firm of X and Y after various assets (other than cash and bank) and third party liabilities have been transferred to Realisation Account: Dissolution expenses were ₹4,000. Machinery of the book value of ₹50,000 was sold in the market … Read more
Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B: Realization expenses of ₹5,000 were to borne by X, a partner. However, it was paid by Y. Investments costing ₹25,000 (comprising 1,000 shares), had been written off from the books completely. These shares … Read more
Give the necessary journal entries for the following transactions in case of dissolution of a partnership firm after various assets (other than cash and bank) and third party liabilities have been transferred to Realisation Account: (i) Dissolution expenses ₹5,000 were paid by the firm. (ii) An unrecorded computer not appearing in the books of accounts … Read more
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
