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
Give the necessary journal entries for the following transactions on dissolution of the firm of Anita and Ravi on 31st March 2016, after the various assets (other than cash) and the third party liabilities have been transferred to Realisation Account. They shared profits and losses in the ratio 3 : 2. (a) Ravi was to … Read more
Give the necessary journal entries for the following transactions on dissolution of the firm of Aman and Rajat on 31st March, 2016, after the transfer of various assets (other than cash) and the third party liabilities to Realisation Account. They shared profits and losses in the ratio of 2 : 1. (a) There was a … Read more
Girija and Ganesh were partners in a firm sharing, profits and losses in the ratio of 2 : 3. On 31st March, 2017 their Balance Sheet was as follows : Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 80,000 Cash at Bank 20,000 Bank Overdraft 50,000 Debtors … Read more
Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3:2. They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was deputed to realize the assets and to pay off the liabilities. He was paid ₹ 1,000 as commission for his services. The financial position of … Read more