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...

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)...

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...

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:...

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...

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...

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...

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...

A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2018 was as follows : Balance Sheet of A, B and C as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals...

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...

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        ...

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 :...

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 :...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 (₹)...

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...

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 ₹...