The following is the Balance sheet of Tanu and Manu who shares profit and losses in the ratio of 5 3...........

The following is the Balance sheet of Tanu and Manu, who shares profit and losses in the ratio of 5:3, On December 31, 2017: (5 marks)

Balance Sheet of Tanu and Manu as on December 31, 2017

Liabilities Amount

Assets Amount

Sundry Creditors 62,000 Cash at Bank 16,000 Bills Payable 32,000 Sundry Debtors 55,000 Bank Loan 50,000 Stock 75,000 Reserve fund 16,000 Motor car 90,000 Capital: Machinery 45,000 Tanu 1,10,000 Investment 70,000 Manu 90,000 2,00,000 Fixtures 9,000 3,60,000 3,60,000

On the above date the firm is dissolved and the following agreement was made: Tanu agree to pay the bank loan and took away the sundry debtors. Sundry creditors accepts stock and paid Rs 10,000 to the firm. Machinery is taken over by Manu for Rs 40,000 and agreed to pay of bills payable at a discount of 5%.. Motor car was taken over by Tanu for Rs 60,000. Investment realised Rs 76,000 and fixtures Rs 4,000. The expenses of dissolution amounted to Rs 2,200.

Prepare Realisation Account, Bank Account and Partners Capital Accounts.

Download Model Answer

छोटे Courses बड़े Results

Master

Prepare through Micro-courses