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Shelly Bothra
Subject: Accountancy
, asked on 21/1/18
Q
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Answer
1
Ambareesh
Subject: Accountancy
, asked on 14/1/18
how to find goodwill for the partner who is dead on 5 april
Answer
1
Rabiya Afreen
Subject: Accountancy
, asked on 1/1/18
What journal entries would you pass for the following transactions on the dissolution of a firm of partners A&B. 6
i. Dissolution expenses amounted to Rs. 500 paid by A.
ii. An unrecorded assets realised Rs. 2500.
iii. Stock worth Rs. 2000 taken by A.
iv. Creditors were paid Rs. 3000
v. Building was sold for Rs. 70,000
vi. Profit on realisation Rs. 4000 is to be distributed between partners A and B in the ratio of 3:1.
Answer
6
Rabiya Afreen
Subject: Accountancy
, asked on 1/1/18
List the grounds on which court may dissolve a firm.
Answer
2
Rabiya Afreen
Subject: Accountancy
, asked on 1/1/18
What journal entry will be passed when a firm pay realisation expenses on behalf of the partnerswWho is to bear the expenses?
Answer
2
Ipsita Chakravarty
Subject: Accountancy
, asked on 24/12/17
A type writer completely written off in the books of accounts was sold for rs 200 ?
Answer
3
Ipsita Chakravarty
Subject: Accountancy
, asked on 24/12/17
Expenses on dissolution amounted 1500 were paid by partners A ?
Answer
3
Tejasvita Goel
Subject: Accountancy
, asked on 23/12/17
what will be treatment (journal entry)of EPF in dissolution of a partnership firm ?
Answer
2
Ipsita Chakravarty
Subject: Accountancy
, asked on 22/12/17
Trick of accountancy to check answers
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 19/12/17
What is the treatment for employee provident fund?
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 19/12/17
Do we give EPF to creditors while disaolution?????
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 19/12/17
What will be the entry for bad debt written off, now recovered in case of dissolution? (Bad debts recovered a/c will be debited or cash a/c)?
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 15/11/17
Please explain both points.
Realisation of Assets and Settlement of Liabilities
If question is silent about:
1. The realisation of Tangible Asset(s) like furniture, vehicle, debtors, etc., it is assumed that such assets have not realised any amount.
2. settlement of any liability—it is assumed that amount equal to book value is paid.
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 14/11/17
Explain this and its application.
Payment Of Firm Debts and Private Debts [Section 431
Debts which the firm owes to outsiders are known as firm's debts, whereas the debts which a partner owes in his personal capacity are known as private debts.
Following provisions apply in case of firm' s debts and partner's private debts:
1. Firm's property is applied first towards payment of firm's debts then the surplus, if any, is applied towards payment of partner's private debts to the extent
the concerned partner entitled to share in the surplus.
2. Private property of each partner is applied first towards the payment of his private debts and surplus, if any, is applied towards payment of firm's debts.
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 14/11/17
Q. All the partners decide to dissolve firm on 31st March Y, a partner_ demands his loan of Rs. 8000 should be paid before payment of Mrs. X's loan of Rs. 20000. But X, another partner, demands that Mrs. X' s loan should be paid before payment of Y's loan is. Who is correct?
What's the difference? Who should be paid first?
Answer
1
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What are you looking for?
i. Dissolution expenses amounted to Rs. 500 paid by A.
ii. An unrecorded assets realised Rs. 2500.
iii. Stock worth Rs. 2000 taken by A.
iv. Creditors were paid Rs. 3000
v. Building was sold for Rs. 70,000
vi. Profit on realisation Rs. 4000 is to be distributed between partners A and B in the ratio of 3:1.
Realisation of Assets and Settlement of Liabilities
If question is silent about:
1. The realisation of Tangible Asset(s) like furniture, vehicle, debtors, etc., it is assumed that such assets have not realised any amount.
2. settlement of any liability—it is assumed that amount equal to book value is paid.
Payment Of Firm Debts and Private Debts [Section 431
Debts which the firm owes to outsiders are known as firm's debts, whereas the debts which a partner owes in his personal capacity are known as private debts.
Following provisions apply in case of firm' s debts and partner's private debts:
1. Firm's property is applied first towards payment of firm's debts then the surplus, if any, is applied towards payment of partner's private debts to the extent
the concerned partner entitled to share in the surplus.
2. Private property of each partner is applied first towards the payment of his private debts and surplus, if any, is applied towards payment of firm's debts.
What's the difference? Who should be paid first?