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Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was deputed to realise the assets and to pay off the liabilities. He was paid 1,000 as commission for his services. The financial position of the firm on 31st March, 2018 was as follows:
BALANCE SHEET as at 31st March, 2018
Mrs. Pradeep's Loan
Investment Fluctuation Fund
Less: Provision for Doubtful Debts
Profit and Loss A/c
Following terms and conditions were agreed upon:
a Pradeep agreed to pay off his wife's loan.
b Half of the debtors realised 12,000 and remaining debtors were used to pay off 25% of the creditors.
c Investment sold to Rajesh for 27,000.
d Building realised 1,52,000.
e Remaining creditors were to be paid after two months, they were paid immediately at 10% p.a. discount.
f Bill receivables were settled at a loss of 1,400.
g Realisation expenses amounted to 2,500.
Prepare Realisation Account.
By: Aman ProfileResourcesReport error
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