Realisation expenses were ₹ 10,000 and paid by the firm on behalf of Alok, a partner, with whom it was agreed at ₹ 7,500.
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Realisation expenses of ₹ 10,000 were to be borne by Mohan, a partner, but were paid by the firm.
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Expenses of realisation ₹ 600 to be borne by the firm and are paid by Mohan, a partner.
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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?
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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.
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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.
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Ajay, Salil and Ravi were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Ajay died on 20th February 2023. The Balance Sheet of the firm on that date was as follows:
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Arun, Bhim and Nakul are partners in a firm sharing profits in the ratio of 1 : 1 : 3. Their Capital Accounts showed the following balances on 1st April, 2020:
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X, Y and Z were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2022, their Balance Sheet was as follows:
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The Balance Sheet of X, Y and Z as at 31st March, 2023 was:
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