Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3 : 2. On 31st March, 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at bank) and third party liabilities to the Realization Account, the following information was provided: (i) Furniture of … Read more
Ashish and Kanav were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2018 their Balance Sheet was as follows: Balance Sheet of Ashish and Kanav as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Trade Creditors 42,000 Bank 35,000 Employees’ Provident Fund 60,000 … Read more
Niyati, Kartik and Ratik were partners in a firm sharing profits and losses in the ratio of 5:3:2. The firm was dissolved on 31st March, 2019 by the order of the court. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place : (a) An unrecorded liability … Read more
Vasudha and Dewan were partners in a firm sharing profits and losses in the ratio of 2 : 3. The firm was dissolved on 31st March, 2019. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place : Investments of the face value of Rs. 60,000 were … Read more
Simar, Raja and Rita were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm was dissolved on 31st March, 2019. After the transfer of assets (other than cash) and external liabilities to the Realization Account, the following transactions took place: (i) A debtor whose debt … Read more
E, F and G were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On March 31, 2017, their firm was dissolved. On the date of dissolution, the Balance Sheet of the firm was as follows: Balance Sheet as at March 31, 2017 Liabilities Amount (Rs.) Assets Amount (Rs.) … Read more
The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries for the following after various assets (other than cash and Bank) and the third party liabilities had been transferred to realisation account. (i) K agreed to pay off his wife’s loan of ₹ 6,000. (ii) Total Creditors of the firm … Read more
Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tony and Rony after the various assets (other than cash) and external liabilities have been transferred to Realization Account: An unrecorded asset of Rs. 2,000 and cash Rs. 3,000 was paid for liability of Rs. 6,000 in full … Read more