Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve q2 and q3 please KASBIT Question #02 A, B and C were partners. They share profit and losses in the ratio of 2:1:2. Their

image text in transcribedsolve q2 and q3 please

KASBIT Question #02 A, B and C were partners. They share profit and losses in the ratio of 2:1:2. Their balance sheet was as under: Assets Equities Cash and Bank 33,000 Accounts Payable 4,000 Accounts Receivable 29,000 Notes Payable 8,000 Merchandise 26,000 A's Capital 40,000 Inventory Furniture and Fixture 24,000 B's Capital 20,000 C's Capital 40,000 112,000 112,000 The partner decided to dissolve the firm. Required: Given entries in general journal to record the dissolution of the firm considering the following transaction a) Cash Rs. 25,000 was collected from debtors in full settlement. b) Cash Rs. 72,000 received from the sale of inventory and furniture and fixture. c) Paid off the liabilities in full. d) All the available balance of cash after considering the above transaction distributed among the partners. Question # 03 A and B are partners in a partnership firm. They share profits and losses in the ratio 1:1. Their balance sheet is given below: Balance Sheet Cash 45,000 Accounts payable 45,000 Other assets 900,000 A's Capital 450,000 B's Capital 450,000 945,000 945,000 They decided to admit C as a new partner for V interests in the firm. Required: Give entries in general journal to record admission of and prepare balance sheet in each of the following cases separately using Goodwill Method. Case - 1 C invests Rs. 300,000 cash Case - 2 C invests Rs. 270,000 cash Case - 3 C invests Rs. 378,000 cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Speed Of Risk Lessons Learned On The Audit Trail

Authors: Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA

2nd Edition

ISBN: 163454059X, 978-1634540599

More Books

Students also viewed these Accounting questions

Question

11. Identify the apotheosis in Indiana Jones and the Last Crusade.

Answered: 1 week ago