Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases Question: Workmen Compensation Reserve appears in the books at Rs. 1,20,000 and there is a claim of Rs. 1,50,000 against it.:
Option 1: Revaluation Loss of Rs. 30,000 will be debited to A, B and C in 2: 2: 1.
Option 2: Revaluation Loss of Rs. 30,000 will be debited to B and C in 2: 1.
Option 3: Revaluation profit of Rs. 30,000 will be credited to A, B and C in 2: 2: 1.
Option 4: None of the above
Correct Answer: Revaluation profit of Rs. 30,000 will be credited to A, B and C in 2: 2: 1.
Solution : Answer = Revaluation profit of Rs. 30,000 will be credited to A, B and C in 2: 2: 1. Revaluation a/c.......Dr 30,000 Workmen compensation reserve a/c ......Dr 1,20,000 To Claim for compensation a/c 1,50,000. A's capital a/c.....Dr 12,000 B's capital a/c.....Dr 12,000 C's capital a/c.....Dr 6,000 To Revaluation(loss) a/c 30,000 (2:2:1) Hence, the correct option is 3.
Question : A, B and C are partners sharing profits and losses in the ratio of 2: 2: 1.15th March, A died and the new ratio between B and Cis agreed at 3: 2. Give journal entries on A's death in the following cases Question: Workmen Compensation Reserve
Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:
Question : On 1st April, 2018 X Ltd. issued 20,000, 10% Debentures of Rs.100 each at a discount of 5% redeemable at a premium of 4% after 5 years. It decided to write off loss on issue of debentures in the year ended 31st March, 2019. It has the following balances : Capital
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile