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Dipali and Rajashri are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st March, 2023, when their Balance Sheet was as follows:

Liabilities Assets

Capital A/cs:

Dipali

Rajashri

Sundry Creditors

Profit and Loss A/c

 

17,500

10,000

2,000

1,500

Freehold Property

Investments

Sundry Debtors

Stock

Bank

Cash

16,000

4,000

2,000

3,000

2,000

4,000

  31,000   31,000

The partners decided to dissolve the firm on the above date. Dipali took the investments at an agreed value of ₹ 3,800. Other assets were realised as follows:

Freehold Property ₹ 18,000; Sundry Debtors ₹ 1,800; Stock ₹ 2,800.

Creditors of the firm agreed to accept 5% less. Expenses on Realisation on assets were ₹ 400. There was a printer in the firm which was not shown in the above Balance Sheet. The Printer is now sold for ₹ 1,000.

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

Anurag Pathak Changed status to publish February 10, 2024
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