Podcast
Questions and Answers
What was the profit sharing ratio between Lal, Bal, and Pal?
What was the profit sharing ratio between Lal, Bal, and Pal?
2:2:1
What was the total amount of the partners' capital accounts at the end of March 2020?
What was the total amount of the partners' capital accounts at the end of March 2020?
100,000
What was the total amount of the assets realized when the firm was dissolved?
What was the total amount of the assets realized when the firm was dissolved?
160,000
What was the amount of goodwill realized when the firm dissolved?
What was the amount of goodwill realized when the firm dissolved?
What was the total amount of the liabilities at the end of March 2022?
What was the total amount of the liabilities at the end of March 2022?
What was the total amount of assets realized when the firm was dissolved in March 2022?
What was the total amount of assets realized when the firm was dissolved in March 2022?
What was the amount of discount given to creditors when the firm was dissolved in March 2022?
What was the amount of discount given to creditors when the firm was dissolved in March 2022?
What was the amount recovered from Abha's private property when she was declared insolvent?
What was the amount recovered from Abha's private property when she was declared insolvent?
Flashcards
Profit sharing ratio for Lal, Bal, Pal
Profit sharing ratio for Lal, Bal, Pal
The ratio in which Lal, Bal, and Pal share the profits of the firm. It was 2:2:1.
Total partner capital (March 2020)
Total partner capital (March 2020)
The sum of all partners' capital accounts at the end of March 2020, which was 100,000.
Total assets realized (dissolution)
Total assets realized (dissolution)
The total value of assets recovered from the firm's dissolution in March 2020, which was 160,000.
Goodwill realized (dissolution)
Goodwill realized (dissolution)
Signup and view all the flashcards
Total liabilities (March 2022)
Total liabilities (March 2022)
Signup and view all the flashcards
Assets realized (March 2022 dissolution)
Assets realized (March 2022 dissolution)
Signup and view all the flashcards
Discount to creditors (March 2022)
Discount to creditors (March 2022)
Signup and view all the flashcards
Recovery from Abha's property
Recovery from Abha's property
Signup and view all the flashcards
Study Notes
Partnership Dissolution - Lal, Bal, Pal
-
Profit/Loss Ratio: Lal, Bal, and Pal share profits and losses in a 2:2:1 ratio.
-
Balance Sheet Date: 31st March, 2020
-
Total Liabilities (₹): 1,68,000
-
Total Assets (₹): 1,68,000
-
Dissolution Decision: Partners decided to dissolve the firm on 31st March, 2020
-
Asset Realization:
- Machinery: ₹45,000
- Stock: ₹18,000
- Investment: ₹21,000
- Debtors: ₹45,000
-
Dissolution Expenses: ₹3,000
-
Goodwill Realization: ₹24,000
Partnership Dissolution - Akshad, Aditya, Abha
- Profit/Loss Ratio: Partners share profits and losses equally.
- Balance Sheet Date: 31st March, 2022
- Total Liabilities (₹): 1,93,000
- Total Assets (₹): 1,93,000
- Dissolution Decision: Partners decided to dissolve the firm on 31st March, 2022
- Asset Realization:
- Stock: ₹31,000
- Machinery: ₹39,500
- Bills Receivable: ₹41,000
- Debtors: ₹27,000
- Creditors Payment: Creditors paid at a discount of ₹500. Bills payable paid in full.
- Realization Expenses: ₹6,600
- Abha's Insolvency: Abha declared insolvent, ₹3,500 recovered from private property.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz focuses on the dissolution of two partnerships involving Lal, Bal, Pal and Akshad, Aditya, Abha. It covers assets, liabilities, and profit-sharing ratios leading to the final dissolution. Test your knowledge on how these partnerships manage their finances during dissolution.
