Basu, Bose and Chitra are partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:
Basu, Bose and Chitra are partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:
| Liabilities | ₹ | Assets | ₹ |
|
Trade Creditors Workmen Compensation Reserve Employees’ Provident Fund Loan from Mrs. Basu Basu’s Capital Bose’s Capital Chitra’s Capital Basu’s Current A/c Bose’s Current A/c Profit and Loss A/c |
60,000 10,000 5,000 5,000 2,00,000 1,50,000 1,50,000 25,00 17,000 50,000 |
Bank Debtors Stock Furniture Patents Building Chitra’s Current A/c |
70,000 50,000 60,000 1,25,000 35,000 3,20,000 12,000 |
| Â | 6,72,000 | Â | 6,72,000 |
The firm was dissolved on the above mentioned date.
Following transactions took place at the time of dissolution:
(i) Realisation Expenses were to be borne by Basu for which he was to get ₹ 10,000. Realisation Expenses of ₹ 12,000 were paid out of firm’s Bank Account.
(ii) Bose took stock for ₹ 55,000 and Chitra took Building for ₹ 4,00,000.
(iii) Other assets realised as follows: Debtors ₹ 48,000; Furniture ₹ 97,000.
(iv) Trade Creditors were settled by paying ₹ 55,000.
(v) Accounts of partners were settled after realising assets and paying outside liabilities.
Prepare Realisation Account, Partner’s Current Accounts, Partner’s Capital Accounts and Bank Account. 
Anurag Pathak Changed status to publish February 11, 2024
