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Standard VIII

Mathematics

Commission and Brokerage

Following dif...

Question

Following differences have arisen among $P, Q$ and $R$ . State who is correct in following case:
$Q$ used $R s . 5, 000$ belonging to the firm and suffered a loss of $R s .1, 000$ . He wants the firm to bear the loss?

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Solution

No,the firm will not bear any loss suffered by the partner by using the belongings of the firm. As a partner is not allowed to use the belongings of the firm for personal use.
So, Q has to bear the loss.

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Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary journal entries for the following after various assets (other than Cash and Bank) and third party liabilities have been transferred to Realisation A/c.

(a) There was furniture worth Rs. 50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value.

(b) Profit and Loss Account was showing a credit balance of Rs. 15,000 which was distributed between the partners.

(d) The firm paid realization expenses amounting to Rs. 5,000 on behalf of Harsh who had to bear these expenses.

(e) There was a bill for Rs. 1,200 under discount. The bill was received from Soham who proved insolvent and a first and final dividend of 25% of bill amount was received from his estate.

(f) Creditors, to whom the firm owed Rs. 6,000, accepted stock of Rs. 5,000 at a discount of 5% and the balance in cash.

(g) The loss on dissolution was Rs. 8,000.

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Following differences have arisen among P,Q and R. State who is correct in following case: Q used Rs.5,000 belonging to the firm and suffered a loss of Rs.1,000. He wants the firm to bear the loss?

No,the firm will not bear any loss suffered by the partner by using the belongings of the firm. As a partner is not allowed to use the belongings of the firm for personal use.So, Q has to bear the loss.

Following differences have arisen among $P, Q$ and $R$ . State who is correct in following case:
$Q$ used $R s . 5, 000$ belonging to the firm and suffered a loss of $R s .1, 000$ . He wants the firm to bear the loss?

No,the firm will not bear any loss suffered by the partner by using the belongings of the firm. As a partner is not allowed to use the belongings of the firm for personal use.
So, Q has to bear the loss.