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What is a Realisation
do we distribute employee provident fund to partners at the time of :
1. admission/ retirement
2. dissolution( is it treated the same way as reserve fund ?)
WHEN A LIABILITY IS TO BE DISCHARGED BY A PARTNER WHY IS HIS CAPITAL ACCOUNT CREDITED?
experts please tell me the treatment of workmen compensation reserve/fund and employees provident fund in the dissolution chapter
in dissolution , what is the accounting treatment of loan , which appear in the question`s balance sheet ?
how to treat joint life policy in dissolution of partnership when surrender value is given ?
State the difference
between dissolution of partnership and dissolution of partnership
report on procedure of winding up partnership firm
firm’s debts and partner’s private debts.
The following is the balance sheet of A and B as at 31st March, 2014:
Mrs. A's Loan - 15000
Mrs. B' Loan - 10000
Trade Creditors - 30000
Bills Payable - 10000
Outstanding Expenses - 5000
A: Capital - 100000
B: Capital - 80000
Cash - 4200
Bank - 3400
Less: Provision - 2000
Investments - 10000
Stock - 40000
Truck - 75000
Plant and Machinery - 80000
B : Drawings - 9400
1) Half of the stock was sold at 10% less than the book value and the remaining half was taken over by A at 20% more than the book value.
2) During the course of dissolution a liability under action for damages was settled at 12000 against 10000 included in the creditors.
3) Assets realised as follows-
Plant machinery- 100000 ; Truck-120000; Goodwill was sold for 25000 ; Bad Debts amounted to 5000 ; Half the investments were sold at book value.
4) A promised to pay off Mrs.A's Loan and took away half the investments at 10% discount.
5) Trade Creditors and Bills Payable were due on average basis of one month after 31st march, but were paid immediately on 31st march, at 12% discount p.a.
Prepare Necessary Accounts
Why investment fluctuation reserve is not credited to partner's capital a/c in case of dissolution of firm?
A firm is dissolved. building is auctioned, and auctioneer's commission is 1000. How will auctioneer's commission be treated?
diffrence between memorandum balancesheet and balance sheet
plz provide me a solution of divya sharma vk pulisher of accountancy class 12
solution of vk ohri and tr jain of economics class 12
The following is the Balance Sheet of Gupta and Sharma as on December 31,2012:
Balance Sheet of Gupta and Sharma as on December 31, 2012
Cash at Bank
Provision of doubtful debts
The firm was dissolved on December 31, 2012 and asset realised and settlements of liabilities as follows:
(a) The Realisation of the assets were as follows:
(b) Investment was taken over by Gupta at agreed value of Rs 36,000 and agreed to pay of Mrs. Gupta’s loan.
(c) The Sundry Creditors were paid off less 3% discount.
(d) The Realisation expenses incurred amounted to Rs 1,200.
Journalise the entries to be made on the dissolution and prepare Realisation Account, Bank Account and Partners Capital Accounts.
pass the journal entries at the time of dissolution of firm :
(a). ramesh, a partner was paid remuneration of rs.25000 and he was to meet all expenses.
(b). anuj , a partner was paid remuneration of rs.20000 and he was to meet all expenses. firm paid an expense of rs.5000.
(c). realisation expenses amounted to rs.10000 were paid by the firm on behalf of alok, a partner, with whom it was agreed at rs.7500.
(d). realisation expenses amounted to rs. 5000. it was agreed that firm will pay rs.2000 and balance by ravinder , a partner.
(e). realisation expenses amounted to rs.15000. the firm had agreed with amrit , a partner, to reimburse him upto rs.10000
What is the journal entry for advertisement suspense account amounted to rs. 28000 which is shown in the asset side of the balance of the balance sheet??
What is the treatment of deferred revenue expenditure at the time of dissolution of a partnership firm?
Explain the process of
dissolution of a partnership firm?
State the accounting
i. Unrecorded assets
nature of realisation account is nomial i know but my teacher is notaccepted.it is real nature why why....
why prepaid expenses appear in realisation accounts as it cannot be realised?
1-In the notes of (chapter-retirement and death of a partner) it is written that if there is no adjustment related to WCF, IFF, contingency reserves, then they will not be trahferred to partner's capital account and will be shown in balance sheet. please tell what's the logic behind it?
please help me with the different cases of realisation expenses...grrhh m confused...
dk goel dissolution q48
how to calculate realisation a/c??? any easy method to keep in our memory in dissoution of partnership firm
in dissolution when realisation expenses are to be borne by a partner for which he is given commission amount is given and the actual expenses are also given the comission amount will be debited to realisation a/c and how will the actual expenses be shown?
what is the treatment of investment fluctuation fund in dissolution of a firm??
what is treatment of partner"s commission in dissolution of firm
how are unrecorded assets treated in realisation account?
If workman compensation claim appears in balance sheet, what will be its treatment on dissolution?
Shilpa,Meena and Nanda decided to dissolve their partnershipon March 31,2006. Their profit sharing ratio was 3:2:1and their Balance Sheet was as under:
Balance Sheet of Shilpa, Meena and Nanda as on March 31, 2006
Nanda’s Capital Account
Provision for doubtful debts
The stock of value of Rs 41,660 are taken over by Shilpa for Rs 35,000 and she agreed to discharge bank loan.The remaining stock was sold at Rs 14,000 and debtors amounting to Rs 10,000 realised Rs 8,000. land is soldfor Rs 1,10,000. The remaining debtors realised 50%at their book value. Cost of Realisation amounted toRs 1,200. There was a typewriter not recorded in the books worth Rs 6,000 whichwere taken over by one of the Creditors at this value. Prepare Realisation Account.
1. IF WORKMEN COMPENSATION FUND IS GIVEN ONLY IN BALANCE SHEET , WHAT IS THE TREATMENT?
2. WHAT IS THE TREARTMENT FOR INVESTMENT FLUCTUATION FUND?
3. WHAT IS THE TREATMENT FOR LOAN AND BANK LOAN GIVEN IN BALANCE SHEET?
4. WHAT IS THE TREATMENT FOR" REALISATION EXPENSES IS TO BE PAID BY 'A' PERSONALLY OUT OF FIRMS ACCOUNT?
5. WHAT IS THE TREATMENT OF JOINT LIFE POLICY IF GIVEN IN BALANCE SHEET?
Q. Journal entries for the following :
(a) Realisation expenses of Rs. 10,000 were paid by Ajay a partner.
(b) Realisation expenses of Rs. 15,000 were to be met Rahul, a partner. but were paid by the firm.
(c) Ramesh , a partner , was paid remuneration of Rs. 25,000 and he was to meet all expenses.
(d) Anju a partner, was paid remuneration of Rs. 20,000 and he was to meet all expenses. Firm paid an expenses of Rs. 5,000.
Q. Pass Journal entries for the following :
(a) Realisation expenses amounted to Rs. 10,000 were paid by the firm on behalf of Alok, a partner with whom it was agreed at Rs. 7,500.
(b) Realisation expenses amounted to Rs. 5,000 . It was agreed that the firm wil pay Rs. 2,000 and balance by Ravinder , a partner
(c) Dissolution expenses amounted to Rs. 10,000 were paid by Amit, a partner, on behalf of the firm.
Q. Pass Journal entries for the following at the time of dissolution of a firm :
(a) Sale of Assets --Rs. 50,000
(b) Payment of Liabilities --- Rs. 10,000
(c) A commission of 5% allowed to Mr. X, a partner, on sale of assets.
Journal entry for payment of unrecorded liabilities in cash is given as-
Cash/Bank A/c Dr.
To Realisation A/c
The same entry is given for the recording of the sale of unrecorded assets. Why is it so?
is memorandum balance sheet out of syllabus for this year?? Should i prepare for it or not??
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