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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
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