Ashwin, Bhavin and Pravin carried on business. They share profits and losses in the ratio of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ashwin, Bhavin and Pravin carried on business. They share profits and losses in the ratio of 5: 3:2 respectively. Their Balance Sheet as on 31st March, 2016 was as under: Balance Sheet as on 31st March, 2016 Liabilities Amount (Rs.)Assets Sundry creditors 42,000 Bhavin's loan 10,000 Reserve fund 40,000 Capital accounts: Ashwin Bhavin Pravin 40,000 20,000 8,000 1,60,000 Amount(Rs.) of the given data, the Plant and machinery40, 000 Investment Stock Debtors 36,000 Less: R.D.D. 2,000 Bank 16,000 60,000 34,000 10,000 1,60,000 1,60,000 1, 60,000 firm was dissolved, and the assets realised were as under: (1) Investment Rs. 10, 000, Stock Rs. 48, 000, and Debtors Rs. 30,000 (2) Plant and machinery were taken over by Ashwin at book value. (3) Sundry creditors and Bhavin's loan were paid in full. (4) Realisation expenses incurred Rs. 2,000. Prepare: (1) Realisation Account (2) Partner's Capital Account (3) Bank Account Ashwin, Bhavin and Pravin carried on business. They share profits and losses in the ratio of 5: 3:2 respectively. Their Balance Sheet as on 31st March, 2016 was as under: Balance Sheet as on 31st March, 2016 Liabilities Amount (Rs.)Assets Sundry creditors 42,000 Bhavin's loan 10,000 Reserve fund 40,000 Capital accounts: Ashwin Bhavin Pravin 40,000 20,000 8,000 1,60,000 Amount(Rs.) of the given data, the Plant and machinery40, 000 Investment Stock Debtors 36,000 Less: R.D.D. 2,000 Bank 16,000 60,000 34,000 10,000 1,60,000 1,60,000 1, 60,000 firm was dissolved, and the assets realised were as under: (1) Investment Rs. 10, 000, Stock Rs. 48, 000, and Debtors Rs. 30,000 (2) Plant and machinery were taken over by Ashwin at book value. (3) Sundry creditors and Bhavin's loan were paid in full. (4) Realisation expenses incurred Rs. 2,000. Prepare: (1) Realisation Account (2) Partner's Capital Account (3) Bank Account
Expert Answer:
Answer rating: 100% (QA)
Particulars To Plant Machinery To Investment To Stock To Debtors To Bank ac Paid Creditors To Bank a... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st edition
Authors: David M. Maloney, William H. Hoffman, Jr. , William A. Raabe, James C. Young
Posted Date:
Students also viewed these accounting questions
-
Ryan Manufacturing Company began operations on January 1. During January, it started and completed 3,000 units of product. The company incurred the following costs: 1. Raw materials purchased and...
-
The Great Graphics Group began operations on January 1, 2010. At the end of its second year of operations, and before any adjustments had been made, the trial balance was as follows: Analysis reveals...
-
A subsidiary of a U.S. company began operations on January I, 2014, in a country whose currency is identified as hyperinflationary. The subsidiary's local currency (LC) is its functional currency....
-
Using Porter's Five Forces Model, examine the impact of the market positioning on the selected product or service. Describe how each of the forces provides an advantage and disadvantage to the...
-
Explain the two types of credit. Under what conditions might a consumer find each type useful?
-
Show that evaluating the determinant of an n à n matrix by cofactors involves (n! - l) additions and multiplications. 11/ k=1
-
Summarize the characteristics of fundamentalism and discuss its relation to social change.
-
The normal capacity of Algonquin Adhesives Inc. is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6 lb of materials at an estimated cost of $2 per pound. The estimated...
-
Information on stocks E & F which have a correlation coefficient of 0.5 appear below: Stock E Stock F Expected Return 20% 30% Standard Deviation 0.4 0.5 Your uncle has savings of $20,000 and was...
-
1. Which process should VBB choose to produce?? 2. How much would VBP be willing to pay for the testing that is currently offered, for each batch?? 3. Would we be considered a perfect test, at twice...
-
Has to be from the case : Yeti in 2020: Can Brand Name and Innovation Keep It Ahead of the Competition? make a strategic group map for the industry. You must identify two dimensions that drive the...
-
THE IMPACT OF ADVERTISEMENT AND SALES PROMOTION ON SALES VOLUME ON NIKE . 1) Provides an overview of the different types of research purposes that guide choices in research design and the choices of...
-
In the table below, the NPV, IRR, and Payback periods are already computed and given. You need to decide which project(s) to choose. The manager's goal is to maximize the firm value by an optimal...
-
A company applies for a bank loan that will be received as follows: $2,000,000 now, $3,000,000 in 3 months, and $8,000,000 in 10 months. Calculate the present value of the loan, considering an...
-
Joss & Co. is adopting a new technology that all employees will need to know how to use within the next six months. Joss & Co. offer in-person and web-based training to learn about the new...
-
The ME Mechanical Group is a medium-sized machine tool company. The Group has three key executives whose retention by the Group is important to the Group's future growth and expansion of operations....
-
Consider the following system of congruences: x = 5 (mod 7) x = 3 (mod 11) x = 8 (mod 13) a. Find the unique solution modulo 7 x 11 x 13 = 1001. Show all steps of your work. b. Write an expression...
-
Using thermodynamic data from Appendix 4, calculate G at 258C for the process: 2SO 2 (g) + O 2 (g) 88n 2SO 3 (g) where all gases are at 1.00 atm pressure. Also calculate DG8 at 258C for this same...
-
In no more than three PowerPoint slides, indicate how the time value of money affects the application of the Federal unified transfer taxes. Prepare your slides for a 45-minute presentation at your...
-
Pursuant to a complete liquidation, Carrot Corporation distributes to its share holders real estate held as an investment (basis of $650,000, fair market value of $880,000). a. Determine the gain or...
-
Orange Corporation distributes $200,000 in cash to each of its three shareholders: Sandy, Byron, and Fuchsia Corporation. What factors must be considered when determining how the distribution is...
-
A low Altman Z-score is most indicative of a: A. financially healthy company. B. company likely to enter bankruptcy. C. company likely to be misclassified as financially unhealthy.
-
The arbitrage pricing theory is a model in which: A. the market return explains a stock's expected return. B. several factors may explain a stock's expected return. C. one and only one factor...
-
Which of the following statement is not true: A. A company's beta does not change over time. B. The fundamental beta allows for potential of beta to change over time. C. An historical beta is...
Study smarter with the SolutionInn App