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Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve the partnership of the 31st March, 2019 when the Balance Sheet of the firm as under:
Liabilities
Amount
Assets
Sundry Creditors
20,000
Bank
7,500
Bills Payable
25,500
Sundry Debtors
58,000
Babu's Loan
30,000
Stock
39,500
Capital A/cs:
Machinery
48,000
Ashok
70,000
Investments
42,000
Babu
55,000
Freehold Property
50,500
Chetan
27,000
1,52,000
Current A/cs:
10,000
5,000
3,000
18,000
2,45,500
The Machinery was taken over by Babu for 45,000, Ashok took over the Investments for 40,000 and Freehold property took over by Chetan at 55,000. The remaining Assets realised as follows:
Sundry Debtors 56,500 and Stock 36,500. Sundry Creditors were settled at discount of 7%. A Office computer, not shown in the books of accounts realised 9,000. Realisation expenses amounted to 3,000.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
By: Aman ProfileResourcesReport error
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