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
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