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प्रश्न
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.
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उत्तर
Unrecorded liability or contingent liability which becomes a definite liability.
संबंधित प्रश्न
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
Answer in one sentence only.
Which accounts are not transferred to Realisation account?
If the number of partners in a firm falls below two, the firm stands_________.
Select the most appropriate alternative from those given below :
All activities of the partnership firm cease (stop) on ____________ of firm.
State the difference between dissolution of partnership and dissolution of partnership firm.
Partnership is completely dissolved when the partners of the firm become _________.
State whether the following statement is True or False with reason.
At the time of the dissolution of partnership, all assets should be transferred to Realisation Account.
Which of the following does not result into reconstitution of a partnership firm?
On dissolution of the firm, ______ will be debited to the Realisation Account.
Pass necessary Journal Entries for the following transactions on the dissolution of a partnership firm of Mita and Sonu on 31st March, 2022 after the various assets other than cash and third party liabilities have been transferred to the Realisation Account.
- Creditors of ₹ 90,000 took over Land and Building of ₹ 2,00,000 in full settlement of their claim.
- Sonu took over debtors amounting to ₹ 50,000 at ₹ 40,000.
- Realisation expenses ₹ 1,800 were paid by Sonu.
- A machine which was not recorded in the books was taken over by Mita at ₹ 11,000 while its expected market value was ₹ 15,000.
- Sortu agreed to pay off his wife's loan of ₹ 20,000.
- Profit on dissolution amounted at ₹ 50,000.
