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Category [CBSE] Dissolution of Partner

[CBSE] Dissolution of Partner 55 Questions

0 Votes 1 Ans

Balance Sheet of P, Q and R as at 31st March, 2023, who were sharing profits in the ratio of 5 : 3 : 1, was:

4.74K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March 2023, their Balance Sheet was as follows:

4.78K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Bale and yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2023 at which date their Balance sheet stood as:

5.13K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2023, their Balance Sheet was as follows:

4.99K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Mike and Ajay are partners sharing profits and losses in ratio of the capitals. They decided to dissolve their firm on 31st March, 2022, the date on which the Balance Sheet stood as under:

7.40K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Mala, Neela and Kala were in partnership sharing profits in the ratio of 7 : 2 : 1 and the Balance Sheet of the firm as at 31st March, 2023 was:

6.44K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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:

5.27K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Ramu, Laxman and Bharat started business on 1st April, 2021 with capitals of ₹ 1,00,000, ₹ 80,000 and ₹ 60,000 respectively sharing profits and losses in the ratio of 4 : 3 : 3.

5.36K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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:

5.59K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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.

4.77K viewsAnurag Pathak Changed status to publish July 31, 2023[CBSE] Dissolution of Partner

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Dharam, a partner, was appointed to look after the process of dissolution at a remuneration of ₹ 12,000 and he had to bear the dissolution expenses. Dissolution expenses ₹ 11,000 were paid by Dharam.

2.38K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q after assets (other than cash) and outside liabilities have been transferred to Realisation Account:

3.02K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Pass Journal entries for payment of following unrecorded liabilities on the dissolution of a firm of partners Shiv and Mohan:

2.21K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015, their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to Realisation Account, you are given the following information:

3.04K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Neeraj, Dheeraj and Sheeraj were partners in a firm since 2015. Due to some personal financial needs and constant disagreements among them, they decided to dissolve the firm.

4.00K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Suman and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 1. The firm was dissolved on 31st March 2019. Pass the necessary Journal entries for the following transactions after various assets (other than cash in hand and a bank) and third-party liabilities have been transferred to Realisation Account.

3.23K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other than Cash and Bank) and the third party liability have been transferred to Realisation Account:

3.35K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after assets

3.92K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.

2.44K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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.

3.73K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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.

2.35K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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.

3.17K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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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:

5.27K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Charu, Dhwani, Iknoor and Paavni were partners in a firm. They had entered into partnership firm last year only, through a verbal agreement.

5.02K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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Creditors of ₹ 85,000 accepted ₹ 40,000 as cash and investment of ₹ 43,000, in full settlement of their claim.

2.07K viewsAnurag Pathak Changed status to publish July 27, 2023[CBSE] Dissolution of Partner [CBSE] TS Grewal Solutions

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