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A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows?
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A b and c were in partnership sharing profits and losses in the ratio ...
Introduction:
The partnership firm of A, B, and C is dissolved on December 31, 2011. Their balance sheet on that date is given below.
Balance Sheet as on December 31, 2011:
Fixed Assets: 90,000
Inventory: 50,000
Debtors: 30,000
Bank Balance: 20,000
Total Assets: 1,90,000
Capital A: 80,000
Capital B: 60,000
Capital C: 50,000
Total Liabilities: 1,90,000
Explanation:
The balance sheet shows that the total assets of the firm are worth Rs. 1,90,000, while the total liabilities are also Rs. 1,90,000. The partnership firm was sharing profits and losses in the ratio of 2:2:1 among A, B, and C, respectively.
Distribution of Assets and Liabilities:
To dissolve the partnership firm, the assets and liabilities of the firm need to be distributed among the partners in their profit-sharing ratio.
Fixed Assets: The fixed assets will be sold and the proceeds will be distributed among the partners in their profit-sharing ratio.
Inventory: The inventory will also be sold, and the proceeds will be distributed among the partners in their profit-sharing ratio.
Debtors: The debtors will be collected, and the proceeds will be distributed among the partners in their profit-sharing ratio.
Bank Balance: The bank balance will be distributed among the partners in their profit-sharing ratio.
Capital Accounts: After distributing the assets, the remaining amount will be used to pay off the liabilities of the firm. Any excess amount will be distributed among the partners in their profit-sharing ratio.
Conclusion:
In conclusion, the partnership firm of A, B, and C will be dissolved on December 31, 2011. The assets and liabilities of the firm will be distributed among the partners in their profit-sharing ratio.
The partnership firm of A, B, and C is dissolved on December 31, 2011. Their balance sheet on that date is given below.
Balance Sheet as on December 31, 2011:
Explanation:
The balance sheet shows that the total assets of the firm are worth Rs. 1,90,000, while the total liabilities are also Rs. 1,90,000. The partnership firm was sharing profits and losses in the ratio of 2:2:1 among A, B, and C, respectively.
Distribution of Assets and Liabilities:
To dissolve the partnership firm, the assets and liabilities of the firm need to be distributed among the partners in their profit-sharing ratio.
Conclusion:
In conclusion, the partnership firm of A, B, and C will be dissolved on December 31, 2011. The assets and liabilities of the firm will be distributed among the partners in their profit-sharing ratio.
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A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows?
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A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows?.
A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A b and c were in partnership sharing profits and losses in the ratio of 2:2:1 they decided to dissolve the partnership firm on 31st December 2011 on which date their balance sheet was as follows?.
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