Academic Achievers Accountancy Assignment 4.)Sara, Sitaand Meenawere partners ina firm sharing profits and losses in the ratio of 2:2: 1. Sara dies on 30th June, 2017, whereas the firm closes itsbookson31stMarch every year. Accordingto their Partnership Deed Sara's representatives ‘would be entitled to getsharein the interim profits of he firm calculated on sales basis. Sales and profitforthe year 2016-17 ‘were 6,00,000 & 1,80,000 respectively and salesin the year 2017-18, tillthe date ofher death amounted to 1,20,000. Youarerequiredto: (i) Calculate Sara's share ofinterim profit. (ii)Passthe necessary journal entry for giving Sarahershare of interim profit. 2.)Gurmeet, Harinder and Jagatare in partnership sharing profits and lossesin the ratio of §:3:2. They were tradingin readymade garments for sports persons. They started facing problems due to changes in fashion and therefore, agreed todissolve the firm on March 31,2018, when their Balance Sheet stoodas follows: Liabitities Amount Assets Ames z Va Notes Payable $0,800, Land and Building | 80,000 Sundry Creditors | 29,200 Cash | 30,000 ‘Advance from Harinder | 40,000 Marketable Securities | 20,000 Current Accounts Sundry Debtors Gurmeet 2,400 | Less : Provision for “ Harinder 1,460, 3,860 Doubtful Debts 38.240 Capitals : ‘Stock 34,360, Gurmeet 50,000 | Equipment 0 Harinder 30,000 | Current Account : Jagat Jagat 23,480 1,03,480) 7,340 eae The assets realisedas follows: Land and buildings 70,000; Marketable Securities 218,000; Sundry Debtors £47,000; Stock €30,000; Equipment 222,240, Close the books of the firm showing the necessary ledger accounts. 3,)P and Qwere partners in afirm. Pass journal entries for the following transactions on dissolution of the firm after various assets and external liabilities have been transferred to Realisation Alc: ()X, anunrecorded creditor of 10,000 was paid by partner Patadiscount of 20%. (ii), anunrecorded creditor of 26,000, took over Computer at30,000 Balance was paid by himin Cash. (ii) Conputerof25,000 anda Vehicle of 10,000 were appearingin the Balance Sheet but no other additional information was given regarding theseitems. (iv)Acreditorto whom 810,000 were to be paid accepted an unrecorded asset of 15,000 in full settlementof his claim. (v)Anunrecorded asset of 35,000 was given to an unrecorded creditor of 60,000in settlement of his claim of 30,000 and the balancewas paidtohimincash. (vi)P'sloanwas appearing on the liabilities side of the Balance Sheet at 250,000. He accepted an unrecorded asset of 40,000 at35,000and the balancewas paidtohimin Cash, 4.) Aand B were partners in afirm sharing profits and losses equally. Their firm was dissolvedon 15th March, 2018, which resulted in loss of 30,000. Onthatdate the capital account of Ashowed acredit balance of 20,000 and thatof Bacredit balance of £30,000. The cash account had a balance of20,000. You are required to pass thenecessary journalentries for the {i)transfer oflosstothe capital accounts ofthe partnersand (ii) makingfinal paymenttothe partners.Academic Achievers Accountancy Assignment 5,)AandB share profits and losses in the ratio of 3:2. They have decided to dissolvethe firm. Assets and external liabi have been transferred to Realisation Alc. Pass the journal entries to effectthe following: (a) Bank Loan of 12,000is paid off. (b)Awas to bearall expenses of realisation for which heis given commission of 400. (c) Deferred Advertisement Expenditure Alc appearedin the books at 28,000. (a) Stock worth 1,600 was taken over by B at 1,200. (e) Anunrecorded computer realised &7,000, (There was an outstanding bill ofrepairs for 2000, which was paid off. 6,)2.8'Y' aretwo partners sharing profitsin the ratio of 2:1. Give the journal entry atthe time of dissolution in the followingcases. ) Deferred revenue advertising expenditure appeared at 230,000, ) Profit & Loss Alc was appearing on the asset side of balance sheet at €60,000. (ii) An unrecordedinvestment realised at 86,000. {iv)PartnerZ paidto acreditor 20,000. 7,)Give the necessary journal entries in each of the following alternative cases: ) Realization expenses amounted to &500, alization expenses paid by the firm amounted to 500 and the partner has to bear the realization expenses. "one of the partners was to bear all therealisation expenses for which he was given acommission of 2% ofnetcash riners sharing profits inthe ratio of2: 1. Pass journal entries for thefollowing transactions f dissolution of firm: (i) Workmen Compensation Reserve stood at 71,50,000 in the Balance Sheet and there wasno liability towards Workmen ‘ompensation (ji) Workmen Compensation Reserve stood at 1,60,000in the Balance Sheet and liability in respect ofitwas ascertained at 290,000, (ii) Workmen Compensation Reserve stood at #1, 60,000 inthe Balance Sheet and liability in respect ofitwas ascertained at 150,000. (iv) Workmen Compensation Reserve stood at 1,50,000 inthe Balance Sheet and liability in respect ofitwas ascertained at2,00,000. (v) There was no Workmen Compensation Reservein the Balance Sheet and firm hadto pay €40,000 ascompensationto the workers. 9.)P, QandRare partnersin firm. Rretires fromthe firm. On the date of retirement, 3,00,000is duetohim. itis agreed to pay himininstalments every yearat the end of the year. Prepare R's Loan Accountin the following cases: (i)Five yearly instalments plus interest @ 15% p.a. (iinstalments of ,00,000 which already includes interest@ 15% p.a.on the outstanding balance forthe first four years andthe balance including interestin the fifth year.