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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 ?)
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.
diffrence between memorandum balancesheet and balance sheet
Why investment fluctuation reserve is not credited to partner's capital a/c in case of dissolution of firm?
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
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
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??
Explain the process of
dissolution of a partnership firm?
nature of realisation account is nomial i know but my teacher is notaccepted.it is real nature why why....
State the accounting
i. Unrecorded assets
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.
why prepaid expenses appear in realisation accounts as it cannot be realised?
Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve the partnership of the December 31, 2012, when the balance sheet of the firm as under:
Balance Sheet of Ashok, Babu and Chetan as on December 31, 2012
Current Accounts :
The Machinery was taken over by Babu for Rs 45,000, Ashok took over the Investment for Rs 40,000 and Freehold property took over by Chetan at Rs 55,000. The remaining Assets realised as follows: Sundry Debtors Rs 56,500 and Stock Rs 36,500. Sundry Creditors were settled at discount of 7%. A Office computer, not shown in the books of Accounts realised Rs 9,000. Realisation expenses amounted to Rs 3,000.
Prepare Realisation Account, Partners Capital Account, Bank Account.
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?
half of the trade creditors accepted plant and machinery at an agreed valuation of 10% less than the book value cash of 5000 at full settlement of theirs claim ?
please explain this line
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??
A firm is dissolved. building is auctioned, and auctioneer's commission is 1000. How will auctioneer's commission be treated?
how are unrecorded assets treated in realisation account?
Ashu and Harish are partners sharing profit and losses as 3:2. They decided to dissolve the firm on December 31, 2012. Their balance sheet on the above date was:
Balance Sheet of Ashu and Harish as on December 31, 2012
Cash in hand
Ashu is to take over the building at Rs 95,000 and Machinery and Furniture is take over by Harish at value of Rs 80,000. Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft. Stock and Investments are taken by both partner in profit sharing ratio. Debtors realised for Rs 46,000, expenses of Realisation amounted to Rs 3,000. Prepare necessary ledger Account.
what is treatment of partner"s commission in dissolution of firm
If workman compensation claim appears in balance sheet, what will be its treatment on dissolution?
What is the treatment of deferred revenue expenditure at the time of dissolution of a partnership firm?
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?
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??
how to prepare realisation account?
why not pass cash/bank balance entery in realistion a/c on debit side why why .......
ncert Q . 12 DEBTORS are given 18600 in the balance sheet.
debtors amounting to rs 10000 realised rs 8000. the remaining debtors realised 50% at their book value. then in the realisation a/c why the amount rs 12300 is given . please show its working note.
in chapter written test of dissolution of a firm (Accountancy) question no. 4 given as under:-
X and Y are partners in a firm sharing profits and losses equally. On December 31, 2010, they decided to dissolve the firm. Balance Sheet on that date is as under:
as on December 31, 2010
Investment Fluctuation Fund
Mr. X’s Loan
Mrs. Y’s Loan
Mr. Z’s Loan
All assets (except cash) were realised at 10% less than their book value and all liabilities are paid at 5% discount. Realisation expenses of Rs 750 were paid by Mr. Y. Prepare Realisation Account.
my query is that: in answer by experts investment fluctuation fund was not considered as a liability and was not realized on the book value, I cannot understand the logic behind it, please clarify.
answer is as given below:-
Books of X and Y
Mr. Y’s Capital A/c (Expenses)
1)dissolution expenses were Rs 8000; Rs 3000 were to be borne by the firm and the balance by a partner. The expenses were paid by a partner?
2)dissolution expenses were Rs 8000. Out of the said expenses, Rs 3000 were to be borne by the firm and the balance by a partner?
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