Q. 2. A, B and C were in partnership sharing profits in the ratio of 2:1:1. TheirBalance Sheet showed the following position at the date of dissolution :LiabilitiesAssetsCreditors40,000 Fixed AssetsBills Payable50,00060,00010,000 StockA's Loan20,000 Debtors30,000Mrs. A's Loan16,000Less: Provision2,000Life Policy Fund25,000 Joint Life PolicyCapitals:50,000 Furniture25,000 Goodwill25,000 Cash at Bank2,11,00028,00025,00020,00018,000 DISSOLUT21.751. सयुक्त जीवन पालिसी से 60% समर्पण मूल्य प्राप्त हुआ।II. ए फर्नीचर को 20% कम में लेने को सहमत हो गया।III. स्थाई सम्पत्तियों से 32,000₹ तथा स्टॉक से 40,000₹ प्राप्त हुए।IV. डूबत ऋण के 5,000₹ हुए।V. वसूली व्यय 3,000₹ हुए तथा लेनदारों का 5% छूट पर भुगतान कर दिया गया।VI. फर्म के विरुद्ध क्षतिपूर्ति का 6,400₹ का एक दावा था। इसे भी भुगतान करना पड़ा।आवश्यक खाते तैयार कीजिए।I. 60% surrender value is received from the Joint Life Policy.II. A agreed to take over furniture at 20% less than the book value.III. Fixed assets realised ₹32,000 and stock ₹40,000.IV. Bad Debts amounted to ₹5,000.V. Expenses of realisation were ₹3,000. Creditors were paid at a discount of 5%.VI. There was a claim of ₹6,400 for damages against the firm. It had to be paid.Prepare necessary accounts.

When the Dissolution of a Partnership firm takes place all the assets are sold, all the liabilities…

ing pro lance Sheet showed the following position at the date of dissolution : Liabilities Assets reditors 40,000 Fixed Assets ills Payable 's Loan 10,000 Stock 20,000 Debtors 30,000 rs. A's Loan 16,000 Less: Provision 2,000 fe Policy Fund 25,000 Joint Life Policy pitals: 50,000 Furniture 25,000 Goodwill 25,000 Cash at Bank 50,00 60,00 28,00 25,00 20,00 18,00

ing pro lance Sheet showed the following position at the date of dissolution : Liabilities Assets reditors 40,000 Fixed Assets ills Payable 's Loan 10,000 Stock 20,000 Debtors 30,000 rs. A's Loan 16,000 Less: Provision 2,000 fe Policy Fund 25,000 Joint Life Policy pitals: 50,000 Furniture 25,000 Goodwill 25,000 Cash at Bank 50,00 60,00 28,00 25,00 20,00 18,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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9. A partnership showed the following account balances: sales, P70,000; cost of sales,P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid tobanks, P2,000; interest allowances on average capital balances, P2,500 and partners’drawings, P8,000. How much is the partnership profit?
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6. The following balances have been taken from the balance sheet of a partnership firm as atDec. 31, 2020:Debit Balances:Cash Rs. 325,000, Accounts Receivable Rs. 300,000, Merchandise Inventory Rs. 575,000,Furniture Rs. 300,000Credit Balances:Allowance for bad debt Rs. 30,000, Allowance for depreciation-Furniture Rs. 120,000, AccountsPayable Rs. 50,000, X Capital Rs.500,000, Y Capital Rs. 600,000, Z Capital Rs. 200,000 The partners were sharing profit and loss in their capital ratio. On the mentioned date theydecided to liquidate the partnership firm and the following transactions were performed:a. Rs. 250,000 was collected as full and final settlement of accounts receivable.b. Merchandise inventory was sold for Rs. 500,000 cash.c. Furniture was sold for cash Rs. 145,000d. Accounts Payable was fully paid.e. Loss on liquidation was distributed among the partners.f. Final Settlement to the partners was made.Required:Record the above transactions in General Journal
The following is the trail Balance of X and Y Co. as on March 31, 2021. The partners sharing profits and losses in the ratio 2:1. Prepare the Income Statement, Profit & Loss Appropriation A/c, Partners' Capital A/c and the Balance Sheet. Particulars Dr. Particulars Cr. 637500 X Capital A/c 191250 Y Capital A/c 85000 Sundry creditors 170000 Sales (net) 85000 Discount Land and Buildings 212500 Plant and Machinery 127500 Wages 106250 Opening Stock of Finished Goods 1381250 Opening Stock of Raw material 10625 Opening Stock of Work in Progress 76500 Provision for bad debts 6375 Sundry debtors 212500 Commission 42500 Carriage inwards 6375 Y's Loan A/c 127500 Carriage outwards 3825 Factory Expenses 31875 Royalties 6375 Purchase of Raw material (net) 318750 Factory rent & taxes 27625 Discount 12325 Office rent 17000 Insurance 8500 Bad debts 6375 Office Expenses 31875 Salaries of works manager 51000 Cash at bank 34850 2014500 2014500 The following additional information is to be taken into…
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