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Arman, Naresh and Atil are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They dissolved the firm on 31st March, 2023. Following is the Balance Sheet on the date of dissolution:

Liabilities Assets

Capital A/cs:

Arman

Naresh

Atil

Bank Loan (including interest of ₹ 3,000)

Sundry Creditors

 

1,80,000

1,20,000

60,000

60,000

1,20,000

Goodwill

Machinery

Furniture

Stock

Debtors

Cash

60,000

2,50,000

30,000

1,00,000

60,000

40,000

  5,40,000   5,40,000

Following assets were realised in cash: Machinery at ₹ 2,20,000; 50% of the Stock at 30% less than the book value and Debtors were collected at 15% less than their book value. Remaining 50% of the Stock was taken by Arman at ₹ 32,000. Furniture was taken by Naresh at 20% less than the book value. Goodwill could not be realised.

Realisation Expenses were ₹ 3,000, which were paid by Arman.

Prepare Realisation Account, Partner’s Capital Accounts and Cash Account.

Anurag Pathak Changed status to publish February 10, 2024
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