0

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2023, their Balance Sheet was as follows:

Liabilities ₹ Assets ₹
Creditors

Workmen Compensation Reserve

General Reserve

Ramesh’s Current Account

Capital A/cs:

Ramesh

Umesh

1,70,000

2,10,000

2,00,000

80,000

7,00,000

3,00,000

Bank

Debtors

Stock

Furniture

Machinery

Umesh’s Current Account

1,10,000

2,40,000

1,30,000

2,00,000

9,30,000

50,000

16,60,000 16,60,000

On the above date of the firm was dissolved.

(a) Ramesh took 50% of stock at ₹ 10,000 less than book value.

(b) Furniture was taken by Umesh for ₹ 50,000 and machinery was sold for ₹ 4,50,000.

(c) Creditors were paid in full.

(d) There was an unrecorded bill for repairs for ₹ 1,60,000 which was settled and paid at ₹ 1,40,000.

Prepare Realisation Account.

[Hint: Balance Stock (₹ 65,000) will be realised at Book Value, being tangible asset.]

[Ans.: Loss on Realisation – ₹ 7,80,000.]

Anurag Pathak Changed status to publish June 8, 2024

Sir debtors meh 228000 kasie aya

Please correct the question add
Debtors was realised at 5%

debtors are realised at 5% discount. It was misprinted in the questions.

Add a Comment