Nisha, Kamal and Vijay has an automobile spare parts business. Due to strained relationship among the partners, they were unable to take collective decisions for the growth of business.
Solution:-
Commerce School
Student Community
Archives Answers
Answer
The firm of Manjeet, Sujeet and Jagjeet was dissolved on 31st March, 2018. It was agreed that Sujeet will take care of the dissolution related activities and will get 10% of the value of assets realised.
Solution:-
Pass, Journal entries for the following at the time of dissolution of the firm of X and Y after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account:
Solution:-
Charu, Dhwani, Iknoor and Paavni were partners in a firm. They had entered into partnership firm last year only, through a verbal agreement.
Solution:-
Creditors of ₹ 85,000 accepted ₹ 40,000 as cash and investment of ₹ 43,000, in full settlement of their claim.
Solution:-
Realisation expenses were ₹ 10,000 and paid by the firm on behalf of Alok, a partner, with whom it was agreed at ₹ 7,500.
Solution:-
Realisation expenses of ₹ 10,000 were to be borne by Mohan, a partner, but were paid by the firm.
Solution:-
Expenses of realisation ₹ 600 to be borne by the firm and are paid by Mohan, a partner.
Solution:-
Pass the Journal entry when an unrecorded liability of ₹ 15,000 is settled at ₹ 10,000 and paid by X, a partner on the dissolution of a firm?
Solution:-
Land and Building (Book Value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
Solution:-