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प्रश्न
On dissolution of the partnership firm of A, B and C, the accumulated profits of ₹ 40,000 will be transferred to which of the following account?
विकल्प
Revaluation Account
Realisation Account
Partners' Capital Account
Bank Account
उत्तर
Partners' Capital Account
Explanation:
On dissolution of partnership firm, reserve or accumulated profits appearing in the books of the firm is credited to the Partners' Capital Accounts.
APPEARS IN
संबंधित प्रश्न
Jayant and Ramakant were partners in the firm. On 31st March 2013 their Balance Sheet was as follows:
| Balance Sheet of Jayant and Ramakant as on 31st March 2013 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|
Creditors Workman Compensation Fund Satya’s Current Account Capital's: Jayant Ramaknat |
75,000 45,000 15,000
|
Bank Debtors Stock Furniture Machinery Shanti’s Current Account |
70,000 2,00,000 20,000 20,000 3,12,000 13,000 |
|
|
6,35,000 |
|
6,35,000 |
On the above date the firm was dissolved:
1. Jayant took over 40% of the stock at 20% less than its book value and the remaining stock was sold for Rs 15,000. Furniture realized Rs 20,000.
2. An unrecorded asset was sold for Rs 3,000. Machinery was sold at a loss of Rs 75,000.
3. Debtors realized Rs 10,000.
4. There was an outstanding bill for repairs for which Rs 38,000 were paid.
Prepare Realisation Account
Which accounts are not transferred to Realisation Account?
Who is called Insolvent person?
In what proportion is the balance on Realisation Account transferred to Partner's Capital Account?
Who should bear the capital deficiency of an insolvent partner?
Which account is debited on payment of dissolution expenses?
Consider the following statements
Statement 1: At the time of dissolution of Partnership Firm all assets should be transferred to Realisation A/c.
Statement 2: All assets except the cash or bank balances are transferred to the Realisation Account.
Partnership is compulsorily dissolved when the partners of the firm become ______
Where would the interest on capital be recorded if the fixed capital account is followed in the partnership firm?
On taking responsibility for payment of realisation expenses by a partner, the account credited will be:
Unrecorded liability when paid on the dissolution of a firm is transferred to ______
On dissolution of the firm, the amount received from the sale of the unrecorded asset is credited to ______.
Pick the odd one out:
At the time of dissolution of the firm, "Loan of partners" (Loans given by partners to the firm) is paid out of the amount realised on the sale of assets:
If goodwill is already appearing in the books of accounts at the time of retirement of a partner, then it should be written off in ______.
Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31st March, 2021. The balance sheet of the firm on that date was as follows:
| Balance sheet of Anu, Bhanu and Charu as on 31st March, 2021: |
|||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 24,000 | Bank | 10,000 | ||
| Profit & Loss A/c | 5,000 | Debtors | 20,000 | 19,600 | |
| Capitals: | Less: Provision for Doubtful debts |
400 | |||
| Anu | 31,000 | 83,000 | Stock | 27,000 | |
| Bhanu | 30,000 | Investments | 10,000 | ||
| Charu | 22,000 | Patents | 2,400 | ||
| Premises | 43,000 | ||||
| 1,12,000 | 1,12,000 | ||||
On retirement of Anu, following terms were agreed upon:
- Anu sold her share of premium for goodwill to Bhanu for ₹ 6,000 and to Charu for ₹ 3,000.
- Provision for doubtful debts was to be raised to 5% on debtors.
- Patents were considered valueless.
- Anu was paid ₹ 9,600 through a cheque and balance was transferred to her Loan A/c.
Prepare Revaluation Account and Anu's Capital Account on her retirement.
C, D, E were partners in a firm sharing profits in the ratio of 3 :1: 1. Their Balance Sheet as at 31st March, 2022 were as follows:
| Balance Sheet of C, D and E as at 31st March,2022 | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Capitals: | Machinery | 3,20,000 | ||
| C | 4,00,000 | 7,00,000 | Investments | 3,00,000 |
| D | 2,00,000 | Stock | 2,00,000 | |
| E | 1,00,000 | Debtors | 1,00,000 | |
| C's Loan | 1,20,000 | Cash at Bank | 2,00,000 | |
| Sundry Creditors | 1,00,000 | |||
| Bills Payable | 2,00,000 | |||
| 11,20,000 | 11,20,000 | |||
On the above date the firm was dissolved due to certain disagreements among the partners:
- Machinery of ₹ 3,00,000 were given to creditor in full settlement of their amount and remaining machinery was sold for ₹ 10,000.
- Investments realised ₹ 2,90,000.
- Stock was sold for ₹ 1,80,000.
- Debtors for ₹ 20,000 proved bad.
- Realisation expenses amounted at ₹ 10,000
Prepare Realisation Account.
