Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2023, their Balance Sheet was as follows:
Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2023, their Balance Sheet was as follows:
| Liabilities | ₹ | Assets | ₹ |
| Creditors
Workmen Compensation Reserve General Reserve Ramesh’s Current Account Capital A/cs: Ramesh Umesh |
1,70,000
2,10,000 2,00,000 80,000 7,00,000 3,00,000 |
Bank
Debtors Stock Furniture Machinery Umesh’s Current Account |
1,10,000
2,40,000 1,30,000 2,00,000 9,30,000 50,000 |
| 16,60,000 | 16,60,000 |
On the above date of the firm was dissolved.
(a) Ramesh took 50% of stock at ₹ 10,000 less than book value. Debtors were realised at a discount of 5%.
(b) Furniture was taken by Umesh for ₹ 50,000 and machinery was sold for ₹ 4,50,000.
(c) Creditors were paid in full.
(d) There was an unrecorded bill for repairs for ₹ 1,60,000 which was settled and paid at ₹ 1,40,000.
Prepare Realisation Account.
[Hint: Balance Stock (₹ 65,000) will be realised at Book Value, being tangible asset.]
[Ans.: Loss on Realisation – ₹ 7,92,000.]
Anurag Pathak Posted new comment March 18, 2024
Please correct the question add
Debtors was realised at 5%
Corrected
debtors are realised at 5% discount. It was misprinted in the questions.
Sir debtors meh 228000 kasie aya