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A, B and C were equal partners. On 31st March, 2019, their Balance Sheet stood as:
Liabilities
Amount
Assets
Creditors
50,400
Cash
3,700
Reserve
12,000
Stock
20,100
Capital A/cs:
Debtors
62,600
A 40,000
Loan to A
10,000
B 25,000
Investments
16,000
C 15,000
80,000
Furniture
6,500
Building
23,500
1,42,400
The firm was dissolved on the above date on the following terms:
a For the purpose of dissolution, Investments were valued at 18,000 and A took over the Investments at this value.
b Fixed Assets realised 29,700 whereas Stock and Debtors realised 80,000.
c Expenses of realisation amounted to 1,300.
d Creditors allowed a discount of 800.
e One Bill receivable for 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm.
Prepare Realisation Account, Partner's Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners.
By: Aman ProfileResourcesReport error
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