Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Journal Entries for Dissolutions
The following journal entries are relevant for the purpose of recording all dissolutions:1) DR. Revaluation accountCR. Asset account(With the book value of the assets being sold / or being realized)2) DR. Cash book CR. Realisation account(With the cash received on the assets being realized)
3) DR. Realisation accountCR. Cash book(With the dissolution expenses paid)4) DR. Creditors account payablesCR. Cash book(With payment made to the creditors)5) DR. CreditorsCR. Realization account(With the discount received from account payable or creditors)6) Dr. Realization accountCR. Capital accounts(With the profit on realization being the balancing figure and according to PSR)Incase it is a loss, then the entries are received.7) DR. Current accountCR. Capital accounts(To transfer the accounts due to the partners on their current accounts to the capital account)8) DR Capital accounts CR. Cash book(To close off the capital accounts with the cash book)
Q. Describe about Capital Stock? Capital Stock - Ownership shares of a CORPORATION authorized by its ARTICLES OFINCORPORATION. Money value assigned to a corporation's issued sh
how should i treat items in the additional information
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
Book :Accounting Research :Tools and Strategies • Facts: • Sony is a Japanese multinational company that decided to expand its entertainment business in the United States. Sony
economic substance as in recognition of revenue
Q. Calculate the earnings per share? Dividend cover is a measure of the relationship among dividends and earnings and may be calculated for the whole company or on a per share
Define why country in rigorous recession reflect on devaluation? Countries can deal with the both internal problems with external solutions. Why might a country in rigorous rec
O'Neill Co. has $298,106 in accounts receivable on January 1. Budgeted sales for January are $840,001. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80%
what is the accounting procedure for a warranty provision?
Definition: A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnersh
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd