send mail to email@example.com mentioning your email id and mobileno registered with us! if details not recieved
Resend Opt after 60 Sec.
Please verify your mobile number
Subscribe to Notifications
Stay updated with the latest Current affairs and other important updates regarding video Lectures, Test Schedules, live sessions etc..
Refer & Earn
My Abhipedia Earning
Kindly Login to view your earning
Type your modal answer and submitt for approval
Yogesh and Naresh were partners sharing profits equally. They dissolved the firm on 1st April, 2019. Naresh was assigned the responsibility to realise the assets and pay the liabilities at a remuneration of 10,000 including expenses. Balance Sheet of the firm as on that date was as follows:
Mrs. Yogesh's Loan
Less: Provision for Doubtful Debts
Investment Fluctuation Reserve
Profit and Loss A/c
The firm was dissolved on following terms:
a Yogesh was to pay his wife's loan.
b Debtors realised 30,000.
c Naresh was to take investments at an agreed value of 26,000.
d Creditors and Bills Payable were payable after two months but were paid immediately at a discount of 15% p.a.
e Bills Receivable were received allowing 5% rebate.
f A Debtor previously written off as Bad Debt paid 15,000.
g An unrecorded asset realised 10,000.
Prepare Realisation Account, Partners' Capital Accounts, Partners' Loan Account and Cash/Bank Account.
By: Aman ProfileResourcesReport error
Access to prime resources