Question
Distinguish between shares and debentures. $($Any $3$ points$).$
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Answer
SELF
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Tushar and Dipak are partners sharing profit-loss in the proportion of $4:2.$ The balance sheet of their firm as on $31-3-2016$ is as follows:
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$(1)$ Realised $93,000$ from land-building.
$(2)$ Tushar took machinery at $76,000.$
$(3)$ Realised $12,000$ from stock.
$(4)\ 15,000$ recovered from debtors.
$(5)$ Dissolution expense is $₹ 10,000.$
Write necessary journal entries in the books of firm and prepare necessary accounts also.
State whether the following are true or false. Ractify the false statement:
$(1)$ In a partnership firm the firm is dissolved if all the partners except one get retirement.
$(2)$ The court can interfere in the dissolution of a partnership firm.
$(3)$ Personal assets cannot be utilized for paying the debts of a partnership firm.
→$(1)$ In a partnership firm the firm is dissolved if all the partners except one get retirement.
$(2)$ The court can interfere in the dissolution of a partnership firm.
$(3)$ Personal assets cannot be utilized for paying the debts of a partnership firm.
$A$ and $B$ are the partners sharing profit and loss in the ratio of $4: 3: 3$. They admitted $D$ as a new partner for $\frac{1}{20}$ th share of profit, out of which he takes $\frac{1}{40}$ th from $A$ and remaining share from $B$ and $C$ equally.
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$O, B$ and $C$ are the partners sharing profit and loss in the ratio of $4:5:1.\ O$ retires and his share is gained by $B$ and $C$ in the ratio of $1:4.$ Calculate new profit and loss ratio of $B$ and $C.$
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Pass the necessary journal entries for the issue of debentures in the books of the company.
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