X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March 2023.
X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March 2023. On that date, their Capitals were X – ₹ 40,000 and Y – ₹ 30,000. Creditors amounted to ₹ 24,000. Assets were realised for ₹ 88,500. Creditors of ₹ 16,000 were taken over by X at ₹ 14,000. Remaining Creditors were paid at ₹ 7,500. The cost of realisation came to ₹ 500. Prepare necessary accounts.
[Ans.: Total Sundry Assets – ₹ 94,000; Loss on Realisation – ₹ 3,500; X receives – ₹ 51,900; Y receives – ₹ 28,600.]
Anurag Pathak Changed status to publish July 31, 2023
