1. Pass necessary Journal Entries on the dissolution of a partnership firm the following cases: ) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs.10,000. i) Dissolution expenses Rs.8,000 were paid by the partner, M. Dissolution expenses were Rs.5,000. iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.7,000, P agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by P. v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.9,000. N agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by the firm. vi) Qa partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.18,000. Q agreed to take over stock worth Rs.18,000 as his remuneration. The stock had already been fransferred to Realisation Account.

1. Pass necessary Journal Entries on the dissolution of a partnership firm the following cases: ) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs.10,000. i) Dissolution expenses Rs.8,000 were paid by the partner, M. Dissolution expenses were Rs.5,000. iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.7,000, P agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by P. v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.9,000. N agreed to bear the dissolution expenses. Actual dissolution expenses Rs.4,000 were paid by the firm. vi) Qa partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs.18,000. Q agreed to take over stock worth Rs.18,000 as his remuneration. The stock had already been fransferred to Realisation Account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

the last answer is incorrect, try again
These answered came back as incorrect?
When we work with the breakeven point, how important is it to understand what a decision variable is? How is it different from a regular variable?
Can i have the answers for all in formula steps not excel please. Kind of hard to understand.
pm.4 answer must be in proper format or i will give down vote
What is Roll’s critique of CAPM tests?
the answer provided does not support the question. which makes the answer incorrect.
What is underpricing? Why is it used? What evidence do we have to support the belief that underpricing is a regular problem?
What is Descartes's account of error? How do we make one and how can we avoid making one?
please help, i couldn't balance the values
do you not see the solution you provided is the exact one i submitted, it says it's wrong..
Why is it important to remember that payback screening is not an end in itself?