Avail 50% discount on all subjects for Nov batch(access till Nov 20th). Use coupon code Nov14.

×
Home > Experts > Accounts > Piecemeal distribution


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Piecemeal distribution (Accounts)

Report Abuse
This query is : Resolved



( Author )
15 April 2013

the assets were realised as follows
15th apr stock 320000
15th may land and building 410000
15th june debtors 200000
15th july debtors 900000
15th aug other assets 3400000
note: there was a bill for rs.1o,ooo due on 15th aug under discount.
MY DOUBT IS WHAT DOES THAT NOTE MEAN? WHAT TREATMENT MUST BE GIVEN CONSIDERING THAT NOTE?


C A S.S.Agarwal, M.Com.,LL.B,

( Expert )
31 May 2013

First pay the outside liability and adjust the profit and loss account for loss or profit on realisation then transfer it to the capital account of the partners. Take the final balance as base and take the minimum amount balance for calculation of ratio. The excess capital of the partners should be refunded first and if there remains anything then the partners should be paid in their profit sharing ratio.


Previous

Next

You need to be the querist or approved CAclub expert to take part in this query .


Click here to login ( Members Login ) now


Similar Resolved Queries :









submit










Quick Links





back to the top