Bale and yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2023 at which date their Balance sheet stood as:
Bale and yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2023 at which date their Balance sheet stood as:
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs:
Bale Yale General Reserve Loan by Bale Creditors |
50,000 40,000 8,000 3,000 14,000 |
Building
Machinery Furniture Debtors Stock Bank |
45,000 15,000 12,000 8,000 24,000 11,000 |
| 1,15,000 | 1,15,000 |
(a) The assets realised were:
Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000.
(b) Yale took furniture at ₹ 9,000.
(c) Bale agreed to accept ₹ 2,500 in settlement of his loan account.
(d) Dissolution Expenses were ₹ 2,500.
Prepare the:
(i) Realisation Account;
(ii) Capital Accounts of Parnters
(iii) Loan by Bale Account;
(iv) Bank Account
[Ans.: Loss on Realisation – ₹ 16,500; Amount paid to Bale – ₹ 45,750; Yale – ₹ 26,750; Total of Bank Account – ₹ 91,500.]
Anurag Pathak Changed status to publish July 31, 2023
