A and B carrying on business in partnership share profits and losses in the proportion of two-thirds and one-third. They file their petition in bankruptcy on September 30, 2002. when their Balance Sheet showed the following balances:
Liabilities:
Bank overdraft secured by a charge on machinery----Tk 30,000
Sundry Creditors----Tk 64,500
Bills payable-----Tk 5,000
A’s Capital-----Tk 12,400
B’s Capital-----Tk 4,200
Assets:
Machinery----Tk 18,000
Furniture----Tk 2,500
Stock----Tk 14,200
Debtors (including Tk 3,000 for dishonored bill and Tk 2,000 doubtful of recovery)-29,500
Investments----Tk 12,800
A’s Drawings----Tk 6,200
B’s Drawings----Tk 3,000
Speculation losses carried forward----Tk 20,300
Cash----Tk 1,400
The assets of the firm are estimated to realize as under: machinery Tk 12,000; furniture Tk 2,000; investments Tk 16,500; and stock Tk 12,000. Some goods left for safe custody with the firm by X, of the book value of Tk 4,000, were estimated to be worth Tk 1,000.
The Bank overdraft was further secured by a charge on B's cottage. Creditors include Tk 1,200 due to Preferential Creditors and Tk 5,400 in respect of a claim against the firm which is not expected to rank.
It is expected that A's private estate would show a deficit of Tk 4,100. B had no personal property other than the cottage which is expected to realize Tk 8,000.
From the above information, you are required to find out the following answers:
The amount of Unsecured Creditors:
Choose...
The amount of Expected to Rank:
Choose...
The amount of Deficiency:
Choose...
The amount of Net Estimated to Produce:
Choose...
Answers
Answer:
mark as brainlist follow thanks
Explanation:
A and B, carrying on business in partnership and sharing profits and losses in the ratio of 3:2, require a partner, when their Balance Sheet stood as:
Liabilities (Rs.) Assets (Rs.)
Creditors
A's Capital 51,450
B's Capital 36,750 11,800
88,200 Cash
Stock
Debtors
Furniture
Machinery 1,500
28,000
19,500
2,500
48,500
1,00,000 1,00,000
They admit C into partnership and give him 1/8
th
share in the future profits on the following terms:
(a) Goodwill of the firm be valued at twice the average of the last three years profits which amounted to Rs.21,000;Rs.24,000 and Rs.25,560.
(b) C is to bring in cash for the amount of his share of goodwill.
(c) C is to bring in cash Rs.15,000 as his capital.
Pass Journal entries recording these transactions, draw out the Balance sheet of the new firm and state new profit sharing ratio
AUTOLINE INDUSTRIES LTD.
AS ON NaN undefined, NaN, 12:NaN AM IST
NSEBSE
28.00
-0.25
-0.88%
Today's Trend
Low
27.25
High
28.85
Volume
10,335
Open
28.00
Prev Close
28.25
Open trading A/c + Watchlist
Technical Chart
1D5D1M3M6M1Y2Y3Y
Bid0(0)Offer0(0)
Mkt Cap (₹ Cr.)
79.13
Face Value (₹)
10.00P/E (x)-1.19EPS-TTM(₹)-23.63P/B (x)1.31BV/Sh(x)60.05Div. Yield(%)0.0052Wk L/H
9.10
45.70
Autoline Industries Ltd.
News & Recos
Shareholding for the Period Ended September 30, 2020
Compliance Certificate Pursuant To Regulation 7(3) Of The SEBI (Listing Obligations And Disclosure Requirements Re Regulations), 2015
Certificate Under 40(9) SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
Statement Of Investor Complaints For The Quarter Ended September 2020
Closure of Trading Window