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19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:
Capital Accounts:
Dissolution of Patrentip o pay off creditors
at a discount of 10%. (ii) Accrued interest was not collected whereas there was h
jsjsjejejwjwjwj
Prepare Realisation Account, Capital Accounts and Bank Account.?
Capital Accounts:
Dissolution of Patrentip o pay off creditors
at a discount of 10%. (ii) Accrued interest was not collected whereas there was h
jsjsjejejwjwjwj
Prepare Realisation Account, Capital Accounts and Bank Account.?
Most Upvoted Answer
19(B). P. Q and R were in partnership sharing profits and losses in th...
Realisation Account:
- Debit side:
- Creditors (at a discount of 10%)
- Accrued Interest
- Credit side:
- Bank (after paying off creditors)
Capital Accounts:
- P's Capital Account:
- Closing Balance (as per Balance Sheet)
- Share of Profit/Loss (as per Profit-sharing ratio)
- Q's Capital Account:
- Closing Balance (as per Balance Sheet)
- Share of Profit/Loss (as per Profit-sharing ratio)
- R's Capital Account:
- Closing Balance (as per Balance Sheet)
- Share of Profit/Loss (as per Profit-sharing ratio)
Bank Account:
- Debit side:
- Amount received from Realisation Account
- Credit side:
- Amount paid to Creditors
- Amount distributed among partners as per their Capital Accounts
Explanation:
- Realisation Account is prepared to record the sale of assets, payment of liabilities, and distribution of surplus (if any) among partners.
- Capital Accounts are prepared to show the final balances of each partner after the partnership is dissolved.
- Bank Account is prepared to record the inflow and outflow of cash during the dissolution process.
- Creditors are paid at a discount of 10% as agreed upon.
- Accrued interest, if not collected, will be adjusted in the Realisation Account.
- The remaining amount after paying off creditors will be distributed among partners as per their profit-sharing ratio.
- Each partner's Capital Account will reflect their share of the profits or losses as per the agreed ratio.
- The Bank Account will show the final cash balance after all transactions are completed.
- Debit side:
- Creditors (at a discount of 10%)
- Accrued Interest
- Credit side:
- Bank (after paying off creditors)
Capital Accounts:
- P's Capital Account:
- Closing Balance (as per Balance Sheet)
- Share of Profit/Loss (as per Profit-sharing ratio)
- Q's Capital Account:
- Closing Balance (as per Balance Sheet)
- Share of Profit/Loss (as per Profit-sharing ratio)
- R's Capital Account:
- Closing Balance (as per Balance Sheet)
- Share of Profit/Loss (as per Profit-sharing ratio)
Bank Account:
- Debit side:
- Amount received from Realisation Account
- Credit side:
- Amount paid to Creditors
- Amount distributed among partners as per their Capital Accounts
Explanation:
- Realisation Account is prepared to record the sale of assets, payment of liabilities, and distribution of surplus (if any) among partners.
- Capital Accounts are prepared to show the final balances of each partner after the partnership is dissolved.
- Bank Account is prepared to record the inflow and outflow of cash during the dissolution process.
- Creditors are paid at a discount of 10% as agreed upon.
- Accrued interest, if not collected, will be adjusted in the Realisation Account.
- The remaining amount after paying off creditors will be distributed among partners as per their profit-sharing ratio.
- Each partner's Capital Account will reflect their share of the profits or losses as per the agreed ratio.
- The Bank Account will show the final cash balance after all transactions are completed.
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19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.?
Question Description
19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.?.
19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.?.
Solutions for 19(B). P. Q and R were in partnership sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as on 31 December 2019 stood as under:Capital Accounts:Dissolution of Patrentip o pay off creditorsat a discount of 10%. (ii) Accrued interest was not collected whereas there was hjsjsjejejwjwjwjPrepare Realisation Account, Capital Accounts and Bank Account.? in English & in Hindi are available as part of our courses for UPSC.
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