Sanjay Tarun and Vineet shared profit in the ratio of 3 2 1 On December 31 2017 their balance sheet ...........

Sanjay, Tarun and Vineet shared profit in the ratio of 3:2:1. On December 31, 2017 their balance sheet was as follows: (3 marks)

Balance Sheet of Sanjay, Tarun and Vineet as on December 31, 2017

Liabilities Amount

Assets Amount

Capitals: Plant 90,000 Sanjay 1,00,000 Debtors 60,000 Tarun 1,00,000 Furniture 32,000 Vineet 70,000 2,70,000 Stock 60,000 Creditors 80,000 Investments 70,000 Bills payable 30,000 Bills receivable 36,000 Cash in hand 32,000 3,80,000 3,80,000

On this date the firm was dissolved. Sanjay was appointed to realise the assets. Sanjay was to receive 6% commission on the sale of assets (except cash) and was to bear all expenses of Realisation.

Sanjay realised the assets as follows: Plant Rs 72,000, Debtors Rs 54,000, Furniture Rs 18,000, Stock 90% of the book value, Investments Rs 76,000 and Bills receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500.

Prepare Realisation Account, Capital Accounts and Cash Account

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