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A, B and C were in partnership sharing profits in the ratio of 7 : 2 : 1 and the Balance Sheet of the firm as at 31st March, 2019 was:
100 Shares in X Ltd. At cost
1,000 Shares in Y Ltd. At cost
Reserve for Depreciation on Plant
It was agreed to dissolve the partnership as on 31st March, 2019 and the terms of dissolution were− a A to take over the Building at an agreed amount of 31,500.
b B, who was to carry on the business, to take over the Goodwill, Stock and Debtors at book value, the Patents at 30,000 and Plant at 5,000. He was also to pay the Creditors. c C to take over shares in X Ltd. at 15 each.
d The shares in Y Ltd. to be divided in the profit-sharing ratio.
Show Ledger Accounts recording the dissolution in the books of the firm.
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