Ashu and Harish are partners sharing profit and losses as 3 2 They decided to dissolve the firm on 3......

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Accountancy ( 12th) Dissolution of Partnership Firm Add to Study Deck

Ashu and Harish are partners sharing profit and losses as 3 : 2 . They decided to dissolve the firm on 31st March, 2019. Their Balance Sheet on the above date was:

Liabilities		Amount	Assets	Amount
Capital A/cs:			Building	80,000
Ashu	1,08,000		Machinery	70,000
Harish	54,000	1,62,000	Furniture	14,000
Creditors		88,000	Stock	20,000
Bank Overdraft		50,000	Investments	60,000
			Debtors	48,000
			Cash in Hand	8,000
		3,00,000		3,00,000

Ashu is to take over the building at 95,000 and Machinery and Furniture is taken over by Harish at value of 80,000. Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft. Stock and Investments are taken by both partner in profit-sharing ratio. Debtors realised for 46,000, expenses of realisation amounted to 3,000. Prepare necessary Ledger Accounts.

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