Dev, Narain and Manoj are sharing profits as 2 : 3 : 5 and their Balance Sheet as at 31st March, 2022 is as follows:
Dev, Narain and Manoj are sharing profits as 2 : 3 : 5 and their Balance Sheet as at 31st March, 2022 is as follows:
| Liabilities | ₹ | Assets | ₹ |
|
Capital A/cs: Dev Narain Manoj Employee’s Provident Fund General Reserve Bank Loan Loan by Dev Sundry Creditors |
2,10,000 2,70,000 3,30,000 80,000 10,000 2,60,000 3,90,000 2,00,000 |
Building Equipments Stock Sundry Debtors Cash at Bank Profit and Loss A/c Advertisement Suspense A/c |
6,00,000 1,20,000 4,80,000 3,60,000 1,80,000 6,000 4,000 |
| Â | 17,50,000 | Â | 17,50,000 |
The firm was dissolved on the above date. Close the books of the firm on the basis of the following information:
(i) An unrecorded asset was realised at ₹ 45,000.
(ii) A debt of ₹ 1,50,000 previously written off as bad was received.
(iii) Sundry Creditors took a computer included in Equipments, in part payments of ₹ 1,20,000. They were paid the balance at 10% discount. The remaining Equipments were sold for ₹ 18,000.
(iv) Building realised ₹ 5,85,000 and Sundry Debtors realised ₹ 3,30,000.
(v) Stock was sold for ₹ 2,30,000 under the supervision of Bank. The amount realised from sale of stock and further ₹ 30,000 was paid to Bank to settle its loan amount.
(vi) Narain was to get a remuneration of ₹ 36,000 for competing the dissolution process and he had to bear Reasliation
Anurag Pathak Changed status to publish February 10, 2024
