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Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)?
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Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on...
Ahmed died on 30 June 2019. Under the terms of the deed the executor of the deceased partner was entitled to the following (1) Amount standing to the credit of the Partner's Capital Account
72 Together with EAD Accountancy-12
(4) Interest on Capital at 12% pa.
(i) Share of goodwill on the basis of twice the average of past three year's profits. (v) The deceased partner will be entitled to his share of profit up to the date of death calculated on
the basis of previous year's profit.
(6) There was a claim on Workmen's Compensation of 4.00 (w) Share of profit from the closing of the last financial year to the date of death based on last year's
profits. Profits for the last three years were. 2016-2017 1,02,000, 2017-2018 1,10,400; 2018-2019 1,11,600.
Ahmed's Executor was to be paid 1,00,000 in two annual instalments interest @ 6% per annum. The balance to be paid immediately.
of 50,000 each along with
Prepare Ahmed's Capital A/c and his Executor's A/c till it is finally closed.
72 Together with EAD Accountancy-12
(4) Interest on Capital at 12% pa.
(i) Share of goodwill on the basis of twice the average of past three year's profits. (v) The deceased partner will be entitled to his share of profit up to the date of death calculated on
the basis of previous year's profit.
(6) There was a claim on Workmen's Compensation of 4.00 (w) Share of profit from the closing of the last financial year to the date of death based on last year's
profits. Profits for the last three years were. 2016-2017 1,02,000, 2017-2018 1,10,400; 2018-2019 1,11,600.
Ahmed's Executor was to be paid 1,00,000 in two annual instalments interest @ 6% per annum. The balance to be paid immediately.
of 50,000 each along with
Prepare Ahmed's Capital A/c and his Executor's A/c till it is finally closed.
Community Answer
Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on...
Balance Sheet as on 31 March, 2019
Liabilities:
- Capital Accounts:
- Ali: 76,800
- Ahmed: 96,000
- Ahsan: 36,000
- Employees Provident Fund: 30,000
- Sundry Creditors: 26,400
- Workmen's Compensation Fund: 4,33,200
Assets:
- Machinery: 1,80,000
- Stock: 87,600
- Debtors: 84,000
- Bank: 93,600
- Goodwill: 16,800
Explanation:
Capital Accounts:
- Ali's capital account balance is 76,800
- Ahmed's capital account balance is 96,000
- Ahsan's capital account balance is 36,000
Employees Provident Fund:
- The employees provident fund balance is 30,000. This fund is set aside to provide retirement benefits to employees.
Sundry Creditors:
- The sundry creditors balance is 26,400. These are the amounts owed by the firm to its suppliers or creditors.
Workmen's Compensation Fund:
- The workmen's compensation fund balance is 4,33,200. This fund is set aside to provide compensation to the workmen in case of any work-related accidents or injuries.
Machinery:
- The machinery balance is 1,80,000. This represents the value of the firm's machinery, which is used in its operations.
Stock:
- The stock balance is 87,600. This represents the value of the firm's inventory or goods held for sale.
Debtors:
- The debtors balance is 84,000. These are the amounts owed to the firm by its customers or debtors.
Bank:
- The bank balance is 93,600. This represents the amount of cash or cash equivalents held by the firm in its bank account.
Goodwill:
- The goodwill balance is 16,800. Goodwill represents the value of the firm's reputation, brand, or customer loyalty.
In summary, the balance sheet provides a snapshot of the firm's financial position as on 31 March, 2019. It shows the firm's assets, liabilities, and capital. The firm has various assets such as machinery, stock, debtors, and bank balance. On the liabilities side, the firm has capital accounts of partners, employees provident fund, sundry creditors, and workmen's compensation fund. The balance sheet helps in assessing the firm's solvency, liquidity, and overall financial health.
Liabilities:
- Capital Accounts:
- Ali: 76,800
- Ahmed: 96,000
- Ahsan: 36,000
- Employees Provident Fund: 30,000
- Sundry Creditors: 26,400
- Workmen's Compensation Fund: 4,33,200
Assets:
- Machinery: 1,80,000
- Stock: 87,600
- Debtors: 84,000
- Bank: 93,600
- Goodwill: 16,800
Explanation:
Capital Accounts:
- Ali's capital account balance is 76,800
- Ahmed's capital account balance is 96,000
- Ahsan's capital account balance is 36,000
Employees Provident Fund:
- The employees provident fund balance is 30,000. This fund is set aside to provide retirement benefits to employees.
Sundry Creditors:
- The sundry creditors balance is 26,400. These are the amounts owed by the firm to its suppliers or creditors.
Workmen's Compensation Fund:
- The workmen's compensation fund balance is 4,33,200. This fund is set aside to provide compensation to the workmen in case of any work-related accidents or injuries.
Machinery:
- The machinery balance is 1,80,000. This represents the value of the firm's machinery, which is used in its operations.
Stock:
- The stock balance is 87,600. This represents the value of the firm's inventory or goods held for sale.
Debtors:
- The debtors balance is 84,000. These are the amounts owed to the firm by its customers or debtors.
Bank:
- The bank balance is 93,600. This represents the amount of cash or cash equivalents held by the firm in its bank account.
Goodwill:
- The goodwill balance is 16,800. Goodwill represents the value of the firm's reputation, brand, or customer loyalty.
In summary, the balance sheet provides a snapshot of the firm's financial position as on 31 March, 2019. It shows the firm's assets, liabilities, and capital. The firm has various assets such as machinery, stock, debtors, and bank balance. On the liabilities side, the firm has capital accounts of partners, employees provident fund, sundry creditors, and workmen's compensation fund. The balance sheet helps in assessing the firm's solvency, liquidity, and overall financial health.
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Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)?
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Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)?.
Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)?.
Solutions for Ali, Ahmed and Ahsan are partners in a firm. Their Balance Sheet as on 31 March, 2019 was as under. Balance Sheet Liabilities Assets 1,39,200 Machinery 180,000 Stock Capital Accounts: Ali Ahmed 76,800 96,000 Debtors 87,600 84,000 Bank 93,600 36.000 16.800 Goodwill Ahsan Employees Provident Fund Sundry Creditors Workmen's Compensation Fund 30,000 26,400 4,33.200 4,33,200)? in English & in Hindi are available as part of our courses for Commerce.
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