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Dissolution of Partnership Test - 9

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Dissolution of Partnership Test - 9
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  • Question 1
    1 / -0

    What journal entry you will record to close the partners’ capital accounts showing positive balance at the time of dissolution?

    Solution

    since partner capital account is being closed cash is paid to the partner so it is credited.

  • Question 2
    1 / -0

    Creditor’s paid ₹58000 in full settlement of 65000. By what amount Bank account should be credited

    Solution

     When liabilities are paid bank account should be credited with the actual amount paid and not with the total amount of liability.

  • Question 3
    1 / -0

    Undistributed balance (debit) of Profit and loss account ₹90000. The firm has three partners A, B and C. By what amount B’s account should be Debited

    Solution

    Debit balance of profit and loss account is a loss and should be distributed among the partners or should be debited to the partners’ capital account in their profit sharing ratio. In this case profit sharing ratio is not given, so it should be debited equally to all the partners.

  • Question 4
    1 / -0

    Investment (face value ₹18000) were taken over by the partners in the profit sharing ratio (5:4:3) at ₹12000. The firm has three partners A , B and C.Investment amount transfer to B’s Capital account should be

    Solution

    Amount to be transferred to B’s Account:
    Total amount of investment ₹18,000 but they have taken investment at ₹12,000
    A’s Share = 12,000 × 5/12 = 5,000
    B’s Share = 12,000 × 4/12 = 4,000
    C’s Share = 12,000 × 3/12 = 3,000

  • Question 5
    1 / -0

    Anil and Baman were partners sharing  profits and losses equally. The firm dissolved on 15 march 2012, which resulted a loss of ₹30000.On that date, capital account of Anil showed a credit balance of ₹20000.Transfer of loss to capital account of Anil will be

    Solution

    Calculation of loss to be transferred:
    Anil : 30,000 × 1/2 = 15,000
    Baman : 30,000 × 1/2 = 15,000

  • Question 6
    1 / -0

    A and B share profits and losses in the ration of 5:2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realisation A/c. As unrecorded Entries to effect of Deferred Advertisement Expenditure A/c appeared in the book at ₹28,000 to be written off. By what amount B’s account should be debited for the same?

    Solution

    Deferred Advertisement Expenditure Account is to be written off as:
    A = 28,000 × 5/7 = 20,000
    B = 28,000 × 2/7 = 8,000
    Now debit A and B with the calculated amount.

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