Ankur Aditya and Pankaj were partners sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2022, their Balance Sheet was as follows:
Ankur Aditya and Pankaj were partners sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2022, their Balance Sheet was as follows:
| Liabilities | ₹ | Assets |  | ₹ |
|
Capital A/cs: Ankur Aditya Pankaj Reserve Creditors |
30,000 24,000 12,000 15,000 24,000 |
Cash at Bank Debtors Less: PDD Stock Furniture Building Advertisement Suspense |
16,000 4,00 |
24,400
15,600 12,000 4,000 44,000 5,000 |
| Â | 1,05,000 | Â | Â | 1,05,000 |
The firm was dissolved on that date. The assets realised were as follows:
| Debtors | ₹ 14,000 |
| Stock | ₹ 10,000 |
| Furniture | ₹ 2,000 |
| Building | ₹ 50,000 |
Creditors were settled for ₹ 22,000. It was noticed that a liability of ₹ 6,000 for damages existed which had to be paid. Realisation Expenses amounted to ₹ 2,000.
Prepare Realisation Account, Partner’s Capital Account and Bank Account to close the books of the firm.
Anurag Pathak Answered question June 21, 2024
