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Questions and Answers
What was the total amount in liabilities for Aarti and Akanksha as of 31st March 2019?
What was the total amount in liabilities for Aarti and Akanksha as of 31st March 2019?
What amount did Aarti take over the patents for during the dissolution of the firm?
What amount did Aarti take over the patents for during the dissolution of the firm?
What was the realization value of furniture during the dissolution of Aarti and Akanksha's firm?
What was the realization value of furniture during the dissolution of Aarti and Akanksha's firm?
In the firm of Anil, Sunil, and Mohit, what is the profit-sharing ratio among the partners?
In the firm of Anil, Sunil, and Mohit, what is the profit-sharing ratio among the partners?
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What expense did Akanksha bear during the realization process of Aarti and Akanksha's firm?
What expense did Akanksha bear during the realization process of Aarti and Akanksha's firm?
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Study Notes
Aarti and Akanksha Partnership Dissolution
- Aati and Akanksha were partners with a combined capital of Rs 22,000 (Aarti: Rs 12,000, Akanksha: Rs 10,000) as of 31st March 2019.
- The firm had additional liabilities including a general reserve of Rs 4,000, Rs 4,000 loan from Aarti, Rs 6,000 in creditors, and Rs 2,000 in bills payable, totaling Rs 38,000.
- The firm had assets valued at Rs 38,000 including Rs 12,000 in furniture, Rs 2,400 in patents, Rs 4,000 in goodwill, Rs 7,600 in debtors, and Rs 10,000 in stock.
- The firm also had a Rs 400 reserve for doubtful debts for the debtors.
- The firm had Rs 2,400 in the bank.
- The firm was dissolved on 1st April 2019.
- Aarti acquired the patents for Rs 4,000.
- Assets were realized for the following amounts:
- Furniture - Rs 13,000
- Goodwill - Rs 6,000
- Stock - Rs 8,000
- Debtors - Rs 6,000
- Creditors were paid 90% of their claims due to a 10% discount.
- Realization expenses of Rs 3,000 were paid by Akanksha.
Anil, Sunil, and Mohit Partnership
- Anil, Sunil, and Mohit were partners with a combined capital of Rs 100,000 (Anil: Rs 60,000, Sunil: Rs 40,000) as of 31st March 2019.
- The firm had assets valued at Rs 152,000 including Rs 80,000 in land and buildings, Rs 40,000 in a motor lorry, and Rs 32,000 in debtors.
- Profits and losses were shared in their capital proportion (3:2:1).
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Description
Explore the intricacies of partnership dissolution through the case of Aarti and Akanksha. This quiz covers capital contributions, asset realization, and liability settlements as of April 1, 2019. Test your understanding of the financial aspects involved in dissolving a partnership.
