Stock of Medicines:On 1.4.2017On 31.3.2018Advance to Suppliers for MedicinesOn 1.4.2017On 31.3.201862,00054,00011,50018,2002. Distinguish between 'Dissolution of Partnership' and 'Dissolution of Firm' on the basis of(i) Effect, and(ii) Court's Intervention3. A, B and C were partners sharing profits in the ratio of 5 : 3 : 2. A retires and B and Cacquire C's share in the ratio of 1 : 4. Goodwill of the firm is valued at 1,50,000. Passnecessary journal entry to adjust goodwill and find out the new profit sharing ratio.24. From the following information calculate the amount of subscription to be credited to theIncome and Expenditure Account for the year 2017-18:2/700030,000Subscriptions outstanding on 31st March, 2017Subscriptions outstanding on 31st March, 2018Subscriptions received in Advance on 31st March, 2017Subscriptions received in Advance on 31st March, 2018Subscriptions received during the yearSubscriptions of 24,000 are still in arrears for the year 2016-1710,00018,0002,00,000ORShow the following information in the Balance Sheet of Taj Club as at 31st March, 2021 :General Fund as at Ist April, 20209% General Fund Investments as at Ist April, 2020Interest on General Fund InvestmentsTournament Fund as at Ist April, 20208% Tournament Fund Investments as at Ist April, 2020Interest on Tournament Fund InvestmentsToumament ExpensesProceeds from Sale of Tournament TicketsDonation Received for Tournament30,00,00020,00,0001,20,00010,00,0008,00,00048,0003,00,0004,20,0002,00,0001,50,000Life Membership FeeQ. 5. Ashish, Bhola and Chanu were partners in a firm sharing profits and losses in the ratio of5:3:2. Their books are closed on March 31st every year.Bhola died on Ist August, 2019. The executors of Bhola are entitled to his share of profitup to his date of death on the basis of sales till date of death. Sales for the year endedMarch 31, 2019 was 20,00,000 and profit for the same year was 4,00,000. Sales showa growth trend of 25% and percentage of profit earning is increased by 4%.Pass necessary Journal Entry for Bhola's share of profit.3Q. 6. Phillips Ltd. purchased machinery for 25,00,000 and Computers for 5,00,000 fromBhushan Ltd. and paid the amount as follows :(i) By making online payment of 26,00,000.(ii) By issue of 9% debentures of 7500 each at 4% discount and redeemable at 5%premium after 5 years.Pass necessary entries in the books of Phillips Ltd.3ORXLtd, issued 5,000, 7% Debentures of 100 each, payable as : 20 on application, 30 onallotment, and 750 on first and final call. All the debentures were applied for and allottedand the amount was received on the due dates except that one debentureholder holding 200debentues did not pay the allotment money and another debentureholder holding 300debentures paid the first and final call along with the allotment money.Journalise the above transactions in the books of the company using Calls-in-ArrearsAccount and Calls-in-Advance Account as and when necessary.:::

Hi student Since there are multiple questions, we will answer only first question.

Answered: Distinguish between 'Dissolution of…

Distinguish between 'Dissolution of Partnership' and 'Dissolution of Firm' on the basis of (i) Effect, and (ii) Court's Intervention

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section: Chapter Questions

Problem 1ANFS

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A and B into partnership. As per Partnership Deed: (a) A to receive a Salary of $ 1,000 per month. (b) B to be allowed a commission of $ 1,000. (c) Interest on A’s Loan to the firm, to be fixed at 12% p.a. (d) Rent of $ 4,000 is payable to B (e) Profit sharing ratio amongst A and B should be 1:1. A has given $ 10,000 to the firm as loan on 1.7.2014 and trading profits of the firm for the year 2014 was $ 32,500. Show the distribution of Profits
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