prepare a statement showing distribution of cash with necessary workings.

A partnership firm has three partners : X, Y and Z with capitals as X : RS.  20,000; Y : RS. 10,000 and Z RS. 10,000. The creditors amounted to RS.  20,000 and sundry assets to RS.  60,000. In dissolution, the assets were realised as follows: 1st instalment RS.  20,000; 2nd instalment RS.  20,000 and final realisation ~ 10,000. The partners share profits and losses in the ratio of 3 : 2 : 1. Show the piece-meal distribution of the realisations on —- (i) Surplus Capital Method; (ii) Maximum Loss Method. 17. The firm of LMS was dissolved on 31.3.2015, at which date its Balance Sheet stood as follows :

 

 

Partners share profits equally. A firm of Chartered Accountants is retained to realise the assets and distribute the cash after discharge of liabilities. Their fees which are to include all expenses is fixed at RS. 1,00,000. No loss is expected on realisation since fixed assets include valuable land and building. Realisations are : Serial Number 1 2 3 4 5

Amount in RS.  3,00,000 15,00,000 15,00,000 30,00,000 30,00,000

The Chartered Accountant firm decided to pay-off the partners in ‘Higher Relative Capital Method’. You are required to prepare a statement showing distribution of cash with necessary workings.

find the cost of your paper

Write a program that reads the name of an element from the user and uses a recursive function to find the longest sequence of elements that begins with that value

Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….

What is the correct charge to the income statement for bad debts and bad debt provisions for the years to 31 December 20X1?

Trade receivables as at 31 December 20X1 were $25,000. The bad debt provision as at 1 January 20X1 was $812. During the year to 31 December 20X1 bad debts of….

Which of the following is an adjusting event?

IAS 10 – Events after the balance sheet date, distinguishes between adjusting and non-adjusting events. Which of the following is an adjusting event? (A) One month after the year end,….