Devendra and Ganesh were partners sharing profits and losses in the ratio of 3: 2. They dissolved the partnership firm on 31st March 2013 when their position was as follows:The assets realised as follows: Balance Sheet as on 31.03.2013 Liabilities Amount Rs Assets Amount Rs. Sundry Creditor 12,500 Debtors 56,250 Bank Overdraft 10,000 Less: R.D.D. 6,250 50000 Reserve Fund 15,000 Stock 112500 Capital Accounts: Furniture 25000 Devendra 1,15,000 Motor Car 37500 Ganesh 75,000 Cash in hand 2500 227500 227500 (1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500 (2) The motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000. (3) The creditors were paid Rs. 11,250 in full settlement. (4) The realisation expenses were Rs. 5,000. Pass necessary journal entries in the books of the firm.

Devendra and Ganesh Were Partners Sharing Profits and Losses in the Ratio of 3: 2. They Dissolved the Partnership Firm on 31st March 2013 When Their Position Was as Follows: Pass Necessary Journal Entries in the Books of the Firm.

प्रश्न

Devendra and Ganesh were partners sharing profits and losses in the ratio of 3: 2. They dissolved the partnership firm on 31st March 2013 when their position was as follows:
The assets realised as follows:

Balance Sheet as on 31.03.2013
Liabilities	Amount Rs	Assets	Amount Rs.
Sundry Creditor	12,500	Debtors 56,250
Bank Overdraft	10,000	Less: R.D.D. 6,250	50000
Reserve Fund	15,000	Stock	112500
Capital Accounts:		Furniture	25000
Devendra 1,15,000		Motor Car	37500
Ganesh 75,000		Cash in hand	2500

	227500		227500

(1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500

(2) The motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000.

(3) The creditors were paid Rs. 11,250 in full settlement.

(4) The realisation expenses were Rs. 5,000.

Pass necessary journal entries in the books of the firm.

उत्तर

In the Books of Partnership Firm of Devendra and Ganesh Journal

Date

Particulars

L.F

Debit Amount (Rs)

Credit Amount (Rs)

Realisation A/c Dr.

To Debtors A/c

To Stock A/c

To Furniture A/c

To Motor Car A/c

(Assets transferred to Realisation A/c)

2,31,250

56,250

1,12,500

25,000

37,500

Reserve for Doubtful Debt A/c Dr.

To Realisation A/c

(Reserve for doubtful debts transferred to Realisation A/c)

6,250

Reserve Fund A/c Dr.

To Devendra’s Capital A/c

To Ganesh’s Capital A/c

(Reserve fund transferred to Capital A/c’s)

15,000

9,000

6,000

Cash A/c Dr.

To Realisation A/c (45,000 + 1,00,000 + 12,500)

(Cash received from sale of assets)

1,57,500

Devendra’s Capital A/c Dr.

Ganesh’s Capital A/c Dr.

To Realisation A/c

(Assets took over by partners)

35,000

30,000

65,000

Realisation A/c Dr.

To Cash A/c

Creditors, bank overdraft and realisation expenses were paid-off) (11,250 + 10,000 + 5,000)

26,250

Devendra’s Capital A/c Dr.

Ganesh’s Capital A/c Dr.

To Realisation A/c

(Realisation Loss distributed among the partners)

3,750

2,500

6,250

Devendra’s Capital A/c Dr.

Ganesh’s Capital A/c Dr.

To Cash A/c

(Final payment made to partners)

85,250

48,500

1,33,750

Working Notes:

1. Calculation of Distribution of Realisation Loss

Devendra = 6,250 × 3/5 = Rs 3,750

Ganesh = 6,250 × 2/5 = Rs 2,500

2. Calculation of Amount to be paid to Partners

Partners’ Capital Accounts
Dr.					Cr.
Particulars	Devendra	Ganesh	Particulars	Devendra	Ganesh
Realisation A/c (Assets taken over)	35,000	30,000	Balance b/d	1,15,000	75,000
Realisation Loss	3,750	2500	Reserve Fund	9000	6000
Cash A/c (Balancing Figure)	82250	48500
	124000	81000		124000	81000

3) Preparation of Cash Account

Cash Account
Dr.					Cr.
Date	Particulars	Amount (Rs)	Date	Particulars	Amount (Rs)
	Balance b/d	2,500		Realisation A/c (Creditors, Expenses and Bank Overdraft)	26,250
	Realisation A/c (Assets realised)	157500		Devender’s Capital A/c	85250
				Ganesh’s Capital A/c	48500

		1,60,000			1,60,000

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Concept of Dissolution of Partnership Firm

या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?

Q 5.1 Q 4 Q 5.2

2013-2014 (March)

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2013-2014 (March) (with solutions)

Q 5.1 | 10 marks

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Concept of Dissolution of Partnership Firm

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Concept of Dissolution of Partnership Firm

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संबंधित प्रश्‍न

Dissolution expenses are credited to ______.

An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

A, B, and C were partners sharing profits and losses in the proportion of 2 : 2 : 1. Following is their balance sheet as on 31st March, 2013.

Balance sheet as on 31st March, 2013

Liabilities	Amount (Rs. )	Assets	Amount (Rs.)	Amount (Rs.)
Capital Account		Machinery		25,000
A	30,000	Stock		10,000
B	10,000	Debtors	27,500
C	10,000	Less: R.D.D.	1,500	26,000
General Reserve	3,000	Investment		12,000
Creditors	20,000	Profit and Loss A/c		9,000
A’s Loan Account	4,000	Bank		2,000
Bills Payable	7,000
	84,000			84,000

On the above date, the partners decide to dissolve the firm.(1) Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.

Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.

L and M were partners in a firm sharing profits in the ratio of 2:3. On 28-2-2016 the firm was dissolved. After transferring assets (other than cash) and outsiders' liabilities to realization account you are given the following information :

(a) A creditor for Rs.1,40,000 accepted building valued at Rs.1, 80,000 and paid to the firm Rs.40,000.

(b) A second creditor for Rs.30,000 accepted machinery valued at Rs.28,000 in full settlement of his claim.

(c) A third creditor amounting to Rs.70,000 accepted Rs.30,000 in cash and investments of the book value of Rs.45,000 in full settlement of his claim.

(d) Loss on dissolution was Rs.4,000.

Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments were made by cheque.

Lal and Pal were partners in a firm sharing profits in the ratio of 3: 7. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to realisation account, you are given the following information:

(a) A creditor of Rs.3,60,000 accepted machinery valued at Rs.5,00,000 and paid to the firm Rs.1,40,000.

(b) A Second creditor for Rs.50,000 accepted stock at Rs.45,000 in full settlement of his claim.

(c) A third creditor amounting to Rs.90,000 accepted Rs.45,000 in cash and investments worth Rs.43,000 in full settlement of his claim.

(d) Loss on dissolution was Rs.15,000.

Pass necessary journal entries for the above transactions in the books of firm assuming that all payments were made by cheque.

R and L were partners in a firm sharing profits in the ratio of 13:7. On 4-3-2016 their firm was dissolved. After transferring assets (other than cash) and outsiders liabilities to the realization account, you are given the following information :

(a) Subh, a creditor for Rs 4,90,000 accepted building at Rs 6,50,000 and paid the balance to the firm by a cheque.

(b) Sudha, a second creditor for Rs 1, 80,000 accepted machinery of the book value of Rs 1,80,000 at Rs 1,76,000 in full settlement of his claim.

(c) Sudhir, a third creditor for Rs 2,00,000 accepted investments of Rs 1,20,000 and a bank draft of Rs 79,000 in full settlement of his claim.

(d) Loss on dissolution was Rs 30,000. Pass necessary journal entries for the above transactions in the books of the firm

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.

Uday and Prabhakar are partners sharing profits and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31^st March 2012 when their financial position was as under

Balance Sheet as on 31st March 2012
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Sundry Creditors	15,000	Cash at bank	3,000
Uday’s Wife’s Loan	30,000	Debtors 67,500
Capital A/c		(–) R.D.D. 7,500	60,000
Uday	1,38,000	Stock	135000
Prabhakar	90,000	Machinery	45000
		Furniture	30000
	2,73,000		2,73,000

The assets were realised as under:
Goodwill Rs. 15,000, Stock Rs. 1,20,000 and Debtors Rs. 54,000.
Machinery was taken over by Prabhakar at Rs. 40,000 and furniture by Uday at book value.
Uday agreed to discharge his wife’s loan.
The creditors were paid at a rebate of Rs. 3,000
The expenses of dissolution amounted to Rs. 6,000
Pass necessary Journal Entries in the books of the firm.

Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following :
(i) Interest on capital @ 5% p.a.
(ii) Interest on drawing @ 12% p.a.
(iii) Interest on partners' loan @ 6% p.a.
(iv) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement.
Their fixed capitals were Moli : Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1^st April, 2016 Bhola extended a loan of Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31^st March, 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31^st March, 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.

Aniket Ltd issued 40,000 equity shares of ` 100 each payable as follows :

On application Rs 20
On allotment Rs 30
On first call Rs 30
On second call Rs 20

The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Excess application money were adjusted to allotment. Share allotment and calls were made and also received, except Mr. Sanish who was holding 1,000 shares failed to pay both the calls. His shares were forfeited after the second call.
Record the above transactions in the books of Aniket Ltd

Answer in one sentence only.

What is dissolution of partnership firm?

Answer in one Sentence only.
Why is Realisation Account opened?

Write the word / term / phrase, which can substitute the following statements.
Debit balance in realisation account.

Write the word / term / phrase, which can substitute the following statement.
Debit balance of an insolvent Partner’s Capital Account.

Write the word / term / phrase, which can substitute the following statements.
Credit balance in Realisation Account.

Write the word / term / phrase, which can substitute the following statement.
Conversion of assets into cash on dissolution of firm.

Write the word / term / phrase, which can substitute the following statement.
Liability likely to arise in future on happening of certain events.

State whether the following statements is True or False.

A Solvent partner having debit balance to his Capital Account does not share the deficiency of Insolvent Partner’s Capital Account.

State whether the following statement is True or False with reason.

Dissolution takes place when the relation among the partners comes to an end.

State whether the following statement is True or False with reason.

The insolvency loss at the time of dissolution of the firm is shared by the solvent partners in their profit sharing ratio.

Sushil and Sumit were in partnership sharing profits and losses in the proportion of 3/5 and 2/5 respectively. On 31^st March, 2005 they decide to dissolve the firm when their Balance Sheet was as under:

Balance Sheet as on 31^st March, 2005

Liabilities	Amount (Rs)	Assets	Amount (Rs)
Sushil’s Capital	20,000	Plant and Machinery	15,000
Sumit's Capital	18,000	Stock	15,000
General Reserve	5,000	Sundry Debtors	22,000
Sumit’s Loan A/c	2,000	Bank	3,000
Sundry Creditors	10,000
	55,000		55,000

The Assets realised as follows: Stock Rs 14,000, Plant and Machinery Rs 12,000 and Debtors Rs 20,000. The Sundry Creditors were paid Rs 9,000 in full settlement.

Prepare: Realisation Account, Partners Capital Accounts and Bank Account.

Pannalal, Babulal and Hiralal were partners sharing profits and losses in the proportion of 2:2:1, following is their Balance Sheet as on 31^st March, 2008.

Balance Sheet as on 31^st March, 2008

Liabilities	Amount (Rs)	Assets		Amount (Rs)
Capital Accounts:		Machinery		25000
Pannalal	30000	Stock		10000
Babulal	10000	Debtors	27500	26000
Hiralal	10000	Less : R.D.D	1500	26000
General Reserve	3000	Investment		12000
Creditors	20000	Profit and Loss A/c		9000
Pannalal’s Loan A/c	4000	Bank		2000
Bills payable	7000
	84000			84000

On the above date the partners decided to dissolve the firm:

1) Assets were realised: Machinery Rs 22,500, Stock Rs 9,000, Investment Rs 10,500, Debtors Rs 22,500.

2) Dissolution expenses were Rs 1,500.

3) Goodwill of the firm realised Rs 12,000

Pass the necessary Journal entries in the books of the firm.

(When one partner becomes insolvent)
Rahul, Rohit and Ramesh were partners in a firm sharing profit and losses in the ratio of 2:2:1 respectively.The Balance Sheet as on 31^st March, 2012 was as follows:
Balance Sheet as on 31^st December, 2011

Liabilities	Amount (Rs)	Assets		Amount (Rs)
Sundry Creditors	20000	Cash at Bank		8000
Bills payable	5000	Stock		20000
General Reserve	6000	Debtors	16000	15000
Rahul’s Loan A/c	16000	Less : R.D.D	1000	15000
Capital Account		Plant and Machinery		30000
Rahul	25000	Furniture		6000
Rohit	10000	Ramesh’s Capital A/c		3000
	82000			82000

The firm was dissolved on the above date:

The Assets realised as follows:
Debtors Rs 9,000, Plant and Machinery Rs 26,000, Stock Rs 14,000 and Furniture Rs 3,000.
The Creditors were paid Rs 18,000 in full settlement and the bills payable were paid in full.
The realisation expenses amounted to Rs 3,000.
Ramesh become insolvent and was able to bring in only Rs 1,800 from his private estate.

Prepare:

Realisation A/c
Bank A/c and
Partner’s Capital A/c

What is a Realisation Account?

Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.

Following is the balance sheet as on 31 st march 2016 of M/s . Jay and Ajay :

Balance sheet as on 31st MArch 2016

Liabilities	Amount	Assets		Assets
Capital A/cs :		Cash at bank		18000
Jay	150000	Stock		75000
Ajay	150000	Furniture		90000
Reserve fund	30000	Investment		30000
Loan from Jay	3000	Machinery		90000
Bills payable	6000	Buildings		45000
Creditors	30000	Debtors	24000	21000
		Less : R.D.D	3000	21000
	369000			369000

The firm was dissolved on 31st March , 2016 and the assets realised were as under :

(1) Jay look over the investment at ₹ 27600 and Ajay took over the furniture at ₹ 84000.

(2) The assets were realised as follows :

Stock 73500 ;

Debtors 22500 ;

Machinery 84000 ;

Building 42000

(3) The creditors were paid off at a discount of 900 and other liabilities were paid in full.

(4) Dissolution expenses were 4200

(5) Jay and Ajay were sharing profits and losses in the ratio of 3 : 2.

Prepare :

1) Realisation Account

2) Capital Account of all partners

3) Bank Account

State whether the following statement is ‘True’ or ‘False’
On dissolution, cash or bank account is closed automatically.

Partnership is completely dissolved when the partners of the firm become _________.

All activities of partnership firm cease on _________ of firm.

Give the word/term/phrase which can substitute the following statement.

An account opened to find out the Profit or Loss on realisation of Assets and settlement of Liabilities.

State whether the following statement is True or False with reason.

At the time of dissolution, a loan from the partner will be transferred to Realisation Account.

Complete the table.

1)	Debit side total of Realisaton A/c	Credit side total of Realisation A/c	Loss on Realisations
1)	₹ 20,000	?	₹ 4,000
2)	Creditors	Bills Payable	Third-Party Liabilities
2)	₹16,000	₹12,000	?
3)	Credit side total Profit ion of Realisaton A/c	Debit side total of Realisation A/c	Profit of realisation
3)	₹ 21,000	₹16,000	?
4)	Debit side total of Capital A/c	Credit side total of Capital A/c	Cash brought by partner
4)	₹ 51,000	?	₹ 17,000
5)	capital deficiency	Cash brought by Insolvent Partner	Insolvent loss
5)	?	₹ 7,000	₹ 21,000

The dissolution of partnership may take place in the following ways?

On which of the following grounds the court may order a partnership firm to be dissolved?

Consider the following statements

Statement 1: "The firm is dissolved automatically, on the retirement all partners."

Statement 2: A firm dissolves on the retirement of a partner.

A partnership firm is compulsorily dissolved:

Pick the odd one out: (In reference to Dissolution partnership firm)

Which of the following is the characteristic of a partnership firm?

Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under:

Balance Sheet as on 31st March, 2019
Liabilities	Amount (₹)	Assets	Amount (₹)
Creditors	28,800	Building	1,02,000
Bills Payable	21,600	Machinery	73,000
Capitol Accounts:		Motor Car	1,67,600
Asha	2,27,160	Goodwill	45,600
Usha	1,44,000	Investment	62,400
Nisha	1,08,000	Debtors	30,600
		Stock	45,000
		Bank	3,360
	5,29,560		5,29,560

The firm was dissolved on the above date and the assets realised as under:

Asha agreed to take over the Building at ₹ 1,23,600
Usha took over Goodwill Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
Investment were taken by Nisha at an agreed value of ₹ 55,440.
Realisation Expenses amounted to ₹ 6,800.

Prepare:

Realisation Account
Partners' Capital Account
Bank Account

Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of Termination of business.

Mandar and Prasad are partners in a firm sharing profit & losses in the ratio of 3 : 2. The following is their balance sheet as on 31st March, 2019.

Liabilities	Amount (₹)	Assets		Amount (₹)
Capital A/c:		Building		72,000
Mandar	95,000	Plant & Machinery		60,000
Prasad	1,00,000	Furniture		10,000
Creditors	4,000	Debtors	42,000	40,000
Bills Payable	3,000	Less: RDD	2,000	40,000
		Bank		20000
	2,02,000			2,02,000

On 1^st April, 2019 Shubham is admitted for 1/2 share on the following terms:

He paid ₹ 1,00,000 as Capital ₹ 40,000 as his shares of goodwill by RTGS.
Plant & Machinery revalued at ₹ 48,000.
Building is taken over by Mandar at ₹ 100,000.
Reserve for Doubtful Debts (RDD) to be increased upto ₹ 4,000.
The old partners decided to retain half of the amount of goodwill in the business.
The old partners decided to sacrifice equally.

Prepare Partners' Capital Account Only and show your working clearly.

A firm consisting of partners Mukund, Sachin and Yuvraj decided to dissolve the partnership They decided to take over certain assets and liabilities and continue the business separately. The Balance Sheet was as under.

Balance Sheet as on 31st March, 2020
Liabilities		Amount (₹)	Assets		Amount (₹)
Capital A/c:			Furniture		2,000
Mukund	55,000	89,000	Sundry Assets		34,000
Sachin	20,000		Debtors	48,400	46,000
Yuvraj	14,000		Less: RDD	2,400	46,000
Creditors		12,000	Stock		15,600
Loan		3,000	Cash		6,400
		1,04,000			1,04000

It was agreed as under:

Mukund is to take Furniture at ₹ 1,600 and the Debtors amounting to ₹ 40,000 at ₹ 34,400 only. He accepted the Creditors on ₹ 12,000 at that figure.
Sachin is to take over all Stock at ₹ 14,000 and Sundry Assets worth ₹ 16,000 at ₹ 14,400 only.
Yuvraj is to take over the remaining Sundry Assets at ₹ 16,000 and assume the responsibility for the discharge of the loan together will accrued interest on a loan of ₹ 60. which has not been recorded in accounts.
The dissolution expenses were ₹ 540.
The remaining debtors realised only ₹ 4,200.
The necessary adjustments were made by partners to settle their accounts.

Prepare Realisation Account, Partners Capital Account, and Cash Account, after giving effect to the above adjustments.

Complete the table.

Creditors	Bills Payable	Third-Party Liabilities
₹ 16,000	₹ 12,000	?

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

An unrecorded asset of ₹ 18,000 was taken over by Tina at ₹ 16,000.
Rina agreed to pay her brother's loan of ₹ 23,000.
Stock of ₹ 30,000 was taken over by a creditor of ₹ 40,000 in full settlement.
Expenses of dissolution ₹ 40,000 were paid by Rina.
Creditors were paid ₹ 18,800 in full settlement of their account of ₹ 20,000.
Tina's loan of ₹ 15,000 was paid through a cheque.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tanay and Mehak after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

Creditors of ₹ 60,000 accepted stock valued at ₹ 59,000 in full settlement of their claim.
Tanay agreed to pay off his wife's loan of ₹ 12,000.
The firm had a debit balance of ₹ 18,000 in the profit and loss account on the date of dissolution.
An unrecorded liability of ₹ 20,000 was paid by partner, Mehak, at a discount of 10%.
Tanay's loan of ₹ 4,000 was paid through a cheque.
Expenses on dissolution amounted to ₹ 11,000 which were paid by Mehak.

Mita and Sita, sharing profits in, the ratio 2 : 1, decided to dissolve their partnership firm on 31^st March, 2022, on which date their Balance Sheet was as under:

Balance Sheet of Mita and Sita as on 31st March, 2022
Liabilities		(₹)	Assets		(₹)
Sundry Creditors		40,000	Land & Building		29,000
Sita's Son's Loan		2,000	Plant & Machinery		20,000
Bank Overdraft		8,000	Stock		3,000
Capital Accounts:			Debtors	26,400	26,000
Mita	20,000	30,000	Less: Provision for Doubtful Debts	400	26,000
Sita	10,000	30,000	Bank		2,000
		80,000			80,000

The partnership firm was dissolved on the date of the Balance Sheet subject to the following adjustments:

Trade creditors accepted plant and machinery at an agreed valuation of 10% less than the book value and the balance in cash in full settlement of their claims.
Debtors of ₹ 1,000 proved bad.
Sita took over the stock at a discount of 20%.
Realisation expenses of ₹ 1,100 were paid by the firm.

You are required to prepare the Realisation Account.

Read the following hypothetical situation and answer question on the basis of the same.

Nitya, Shreya and Ishita are partners in a firm. They share profit in the ratio of 5 : 3 : 2. Their fixed capital are ₹1,80,000; ₹1,60,000 and ₹2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹7,500 at the end of every quarter.

The average number of months for which interest on drawings will be calculated, will be:

Read the following hypothetical situation and answer question on the basis of the same.

The partnership deed provide that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:

Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter.

The average number of months for which interest on drawings will be calculated, will be:

Mention the liability of a partnership firm which is not shown in its balance sheet but is paid off at the time of the dissolution of the firm.

Devendra and Ganesh Were Partners Sharing Profits and Losses in the Ratio of 3: 2. They Dissolved the Partnership Firm on 31st March 2013 When Their Position Was as Follows: Pass Necessary Journal Entries in the Books of the Firm.

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Devendra and Ganesh Were Partners Sharing Profits and Losses in the Ratio of 3: 2. They Dissolved the Partnership Firm on 31st March 2013 When Their Position Was as Follows: Pass Necessary Journal Entries in the Books of the Firm.

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