HSC Consumer Behaviour - Utility Result
|
Name
of the Students |
Marks out of 30 |
|
1. Shaikh Rashid Mehboob |
20 |
|
2. Abdul Rehman Shaikh |
18 |
|
3. Saba bee Abdul Malik |
14 |
|
4. Shaikh Bushra Shaukat |
Absent |
|
5. P. Saranya P. Palpandian |
Not Applicable |
Dissolution of Firm
Dissolution of Firm
When a partnership firm comes to an end due to any of the reason is called dissolution of partnership.
In case of dissolution we hare to prepare:-
Transfer all the assets to the Realisation A/c Dr side (except cash/bank A/c, Partner’s capital/current A/c, Profit & Loss A/c, Deferred revenue expenditure A/c)
Realisation A/c Dr
To Sundry Assets A/c
Note:1
Cash/Bank A/c and Partner’s capital/Current which is given in the assets side should be transferred to there respective A/c as a opening Balance on the Dr side “To Balance b/d”. There will be no journal entry for the same.
Profit & Loss A/c and Deferred revenue expenditure given on the assets side should be distributed among the partners in there profit sharing ratio.
Partner’s Capital/Current A/c Dr
To profit & Loss A/c
To Deferred revenue exp A/c
Step No.2
Transfer all the liabilities to the Realisation A/c Cr side (Except partner’s Capital/Current A/c, Partner’s Loan A/c, Profit & Loss A/c, General Reserve A/c)
Sundry Liabilities A/c Dr
To Realisation A/c
Note:1
Partner’s capital/current A/c and partner’s loan A/c should be transfer to the respective A/c on the Cr side as a opening Balance “ By Balance b/d”. There will be no journal entries for the same.
Note:2
General Reserve and Profit & Loss A/c should be distributed among the partners in there profit sharing ratio.
General Reserve A/c Dr
Profit & Loss A/c Dr
To Partner’s Capital A/c
Step No.3
For Assets Sold
Cash/Bank A/c Dr
To Realisation A/c
Step No. 4
Assets taken over by partner
Partner’s Capital/Current A/c Dr
To Realisation A/c
Step No.5
For Liabilities paid by the firm
Realisation A/c Dr
To Cash/Bank A/c
Step No.6
For Liabilities paid by the Partner
Realisation A/c Dr
To Partner’s Capital A/c
Step No.7
For payment of Realisation Expenses/ Dissolution expenses/ Winding up Expenses
Realisation A/c Dr
To Cash/Bank A/c
Step No.8
For Partner’s Loan paid
Partner’s Loan A/c Dr
To Cash/Bank A/c
Internal Reconstruction
Internal Reconstruction means reduction of capital, decrease the value of assets and heavy accumulated losses compul the director to go for internal reconstruction in order to put the company on a strong financial position. Reduction of capital is unlawful / illegal except when it is sanctioned by the court of law. In case of internal reconstruction every company has to write off / cancel intangible assets and Fictitious assets compulsorily.
1. When the face value of share remain same
Share Capital A/c Dr
To Capital Reduction A/c
2. When the face value of share change
Share Capital A/c Dr
To New Share Capital A/c
To Capital Reduction A/c
3. When Sacrifice is made by the debenture holder
Debenture A/c Dr
To Capital Reduction A/c
4. When Sacrifice is made by the Creditors
Creditors A/c Dr
To Capital Reduction A/c
5. When assets is appreciated
Assets A/c Dr
To Capital Reduction A/c
6. When assets is depreciated
Capital Reduction A/c Dr
To Assets A/c
7. When Intangible and fictitious assets are Written off
Capital Reduction A/c Dr
To Intangible Assets A/c
To Fictitious Assets A/c
8. When assets is sold
(a) sold at a profit
Bank A/c Dr
To Assets A/c
To Capital Reduction A/c
(b) sold at a loss
Bank A/c Dr
Capital Reduction A/c Dr
To Assets A/c
9. When unrecorded assets is sold
Bank A/c Dr
To Capital Reduction A/c
10. When reserves are utilized
Reserve A/c Dr
To Capital Reduction A/c
11. When recorded liability is paid
(a) paid at a loss
Liability A/c Dr
Capital reduction A/c Dr
To Bank A/c
(a) paid at a profit
Liabilities A/c Dr
To Bank A/c
To Capital Reduction A/c
12. When unrecorded liability is paid
Capital Reduction A/c Dr
To Bank A/c
13. When contingent liability is paid
Capital Reduction A/c Dr
To Bank A/c
14. When reconstruction expenses are paid
Capital Reduction A/c Dr
To Bank A/c
15. When claim recovered against Contingent liability
Bank A/c Dr
To Capital Reduction A/c
16. When arrears of preference dividend settled by issuing equity shares/ debentures/ Cash
Capital Reduction A/c Dr
To Equity share capital A/c
To Debenture A/c
To Bank A/c
17. When arrears of preference dividend cancelled
No Entry
18. When Debenture holder take over some assets
(a) Assets taken over at less than the book value
Debenture A/c Dr
Capital Reduction A/c Dr
To Assets A/c
(b) Assets taken over at more than the book value
Debenture A/c Dr
To Assets A/c
To capital reduction A/c
19. When share are consolidated
Share Capital A/c Dr
To consolidated share capital A/c
20. When share are sub divided
Share Capital A/c Dr
To subdivided share capital A/c
21. When shares are surrendered
Share Capital A/c Dr
To Share Surrendered A/c
22. When Surrendered shares are converted into preference shares
Share Surrendered A/c Dr
To Preference share capital A/c
23. When surrendered shares are issued to creditors or debentures
Share surrendered A/c Dr
To Equity share capital A/c
24. When surrendered shares are cancelled
Share Surrendered A/c Dr
To Capital Reduction A/c
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