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What does creditors written back mean ? Is it a profit or loss , according to the answers of the previous question I asked it's a loss and the creditors would increase, but in the actual answer creditors are decreased and it's a profit
accountancy solution of together with
sacrificing ratio and gaining ratio.
do you have the solutions of book S.C Sharma?
cbse questions of D.K goyal
how workmen compensation fund is treated if there is a liability in adj towards it
plz show me accounting treatment of joint life policy and different methods of treating jlp at the time of retirement and death.
What is the difference between liability written off and written back , and what does unclaimed liability written off mean , it's a profit or loss ?
how to find sacrificing ratio of the partners
how is executors account loan is prepare when it is given for equally installment?
what will be the entry of "bad debts amounted to Rs 2,000 were to be written off" in revaluation?????
In order to be successful an organization must change its goals according to the needs of the environment. Which characteristic of management is highlighted in the statement?
A, B and C were in partnership sharing profits in proportion to their capitals Their Balancd Sheet on 31-03-2008 was as follows:
A's Capital: 90,000
B's Capital: 60,000
C's Capital: 30,00
less: Prov for doubtful debts 400 =19,600
On the above date B retired owing to ill health and the following adjustments were agreed upon
give the journal entry to distribute ' WORKMEN COMPENSATION RESERVE' of Rs. 70,000 at the time of retirement of neeti when there is a claim of Rs. 25,000 against it. The firm has three partners raveena, neeti and rajat.
I need answer for TS grewal scanner questions. Chapter retirement . Meri book 2012 edition ki hai so quest no. alag hoga...still if u can help me...Three partners- vijay, vivek and vinay. Profit ratio- 2:2:1. It is under the topic "revaluation of assets n reassessment of liabilities..."
Pls tell me from where the bank balance of 22,920 has arisen? My b/s total differs by Rs. 400.
Pankaj, Naresh and Saurabh are partners sharing profits in the ratio of 3:2:1. Naresh retired from the firm due to his illness. On that date the Balance Sheet of the firm was as follows:
Books of Pankaj, Naresh and Saurabh
Balance Sheet as on March 31, 2007
Less: Provision for Doubtful Debt
Provision for Legal Damages
(i) Premises have appreciated by 20%, stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors. Further, provision for legal damages is to be made for Rs 1,200 and furniture to be brought up to Rs 45,000*.
(The amount of Rs 450 that is being given in the book for furniture is a mistake, as it should be Rs 45,000)
(ii) Goodwill of the firm be valued at Rs 42,000.
(iii) Rs 26,000 from Naresh’s Capital account be transferred to his loan account and balance be paid through bank; if required, necessary loan may be obtained from Bank.
(iv) New profit sharing ratio of Pankaj and Saurabh is decided to be 5:1.
Give the necessary ledger accounts and balance sheet of the firm after Naresh’s retirement.
Question no 43 of TS Grewal. in this the bank balance in the answer is given 2,350 instead of 2,750 why ?
at what rate is interest payable on the amount remaining unpaid to the executor of deceased partner?????
Reconstitution of a Partnership Firm --- Retirement/Death of a partnerNCERT numerical problem no.14Where is the solution.
IF BAD DEBTS IS A LIABILITY, THEN WHY IN -Q.NO.5 PG NO. 219- IT IS DEBITED IN REVALUATION A'C. IT HAS TO BE CR. NA BECAUSE IT IS A LIABILTY AND DECREASE IN THE VALUE OF LIAB. WILL B CR.?
Sita , Geeta and Meeta were partners in a firm sharing profits in the ratio of 7:6:7. Geeta retired and her share was divided equally b/w sita and meeta. Calculate new profit - sharing ratio
What will be the entry of "out of insurance which was debited to the profit & loss A/c, Rs. 1500 be carried forward as unexpired insurance." in revaluation A/c??? also tell me the reason ...........
Explain the modes of
payment to a retiring partner.
Q no. 47 of T.S Grewal [Retirement/Death of a Partner]Is there any one kind enough to help me solve this problem
Nithya, Sathya and Mithya were partners sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as on December 31, 2002 was as follows:
Books of Nithya, Sathya and Mithya
Balance Sheet at December 31, 2002
Mithya dies on May 1, 2002. The agreement between the executors of Mithya and the partners stated that:
(a) Goodwill of the firm be valued at times the average profits of last four years. The profits of four years were : in 1998, Rs 13,000; in 1999, Rs 12,000; in 2000, Rs 16,000; and in 2001, Rs 15,000.
(b) The patents are to be valued at Rs 8,000, Machinery at Rs 25,000 and Premises at Rs 25,000.
(c) The share of profit of Mithya should be calculated on the basis of the profit of 2002.
(d) Rs 4,200 should be paid immediately and the balance should be paid in 4 equal half-yearly instalments carrying interest @ 10%.
Record the necessary journal entries to give effect to the above and write the executor’s account till the amount is fully paid. Also prepare the Balance Sheet of Nithya and Sathya as it would appear on May 1, 2002 after giving effect to the adjustments.
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