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The book value of assets transferred …

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The book value of assets transferred to realization account is 100000. 50% of the assets are taken over by partner atul a discount of 20%,40% of the remaining assets are sold at a profil of 30% on cost 5% of the balance being absolute realized nothing and remaining assets are handed over to a creditor, in full settlement of his claim. You are required to record the journal entries for realization of assets

Posted by Harshit Soni 6 years, 3 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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Posted by Srishti Arya 1 year, 2 months ago

CBSE > Class 12 > Accountancy

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Posted by Mohd Aman Mansoori 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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Posted by Mahi . 1 year, 4 months ago

CBSE > Class 12 > Accountancy

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Ativ, Meha and Nupur were partners in a firm sharing profits and losses in the ratio of 5 : 3:2. On 31-03-2016 their Balance sheet was as under: Liabilities Amount (T) Assets Amount (R) | Trade Creditors 26,500 Bank 23.500 Debtors 1,00,000 Stock 50,000 Fixed Assets 40,000 Advertisement Expenditure 25,000 Employees Provident Fund Ativ's Capital Meha's Capital 30,000 55,000 1,20,000 Nupur's Capital 10,000 2,40,000 2,40,000 Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed upon: (i) Goodwill of the firm was to be valued at 2 years purchase of the average profits of 3 completed years preceding the date of retirement. The profit for previous years were: 2013-14 55,000; 2014-15 7 65,000; 2015-16 7 60,000.

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CBSE > Class 12 > Accountancy

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Posted by Shashank Shukla 1 year, 4 months ago

CBSE > Class 12 > Accountancy

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