Write short note on: Dissolution of partnership firm by the court… - Vidyadip

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Write short note on: Dissolution of partnership firm by the court.

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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.

$A$ and $B$ are the partners of a firm sharing profits and loss in the ratio of $5: 3$. They admit $C,$ a new partner, who acquires $\frac{1}{4}$ th share in the firm. $C$ obtains his share from $A$ and $B$ in the ratio of $3: 1$. Find out new profit-loss sharing ratio.

Explain the procedure for issue of debentures.

What is the journal entry at the time of issue of debentures, if debentures are issued at a premium and are redeemable at par ?

In which circumstances court can pass the order for dissolution of a firm? Explain.

On $1-7-2017$ Paras Pharma Limited issued $20,000, 9\%$ debentures of f $400$ each, are to be redeemed after $7$ years at a premium of $12\%.$ As per conditions in prospectus the amounts payable on application $Rs.125$ per debenture and balance amount at the time of allotment. Pass the necessary journal entries for the issue of debentures in the books of the company.

Aahna and Amina are partners sharing profit-loss in the ratio of $3: 2$. They admitted Aman as a new partner for $\frac{1}{4}$ th share. The goodwill of the firm is valued at $₹ 1,20,000$. Aman has to bring $₹ 50,000$ as capital and his share of premium for goodwill in cash. Pass journal entries regarding goodwill.

From the following transactions, identify transactions of investing activities:
$(i)$ Salary paid
$(ii)$ Rent paid
$(iii)$ Purchase of investments
$(iv)$ Sales of land
$(v)$ Prucase of building
$(vi)$ Interest received on investments
$(vii)$ Sale of furniture
$(viii)$Collection from debtors
$(ix)$ Payment to creditors
$(x)$ Issue of equity shares
$(xi)$ Redemption of debentures
$(xii)$ Dividend received on investments

Chirag, Ami and Kabir are the partners in a firm sharing profit and losses in the ratio of $2:1:2.$ All partners have decided to change their profit and loss ratio to $5: 3: 2$. Calculate the gaining ratio of partners.

As on $1st$ April, $2014,$ Ravindra Copper Limited issued $12,000, 12.5\%$ convertible debentures of $₹ 400$ each at par. As per the terms of issue of debentures, all the debentures will be converted into equity shares of $₹ 10$ each at a premium of $50\%$ after $5$ years.
On $1st$ April, $2019,$ debentures were converted into equity shares as per the agreed terms. Pass the necessary journal entries in the books of company.