0
Sanjay and Sameer were partners in a firm sharing profits in the ratio of 2 : 3. On 31.3.2023 their Balance Sheet was as follows:

Balance Sheet of Sanjay and Sameer as at 31.3.2023

Liabilities ₹ Assets ₹
Capitals: Sanjay Sameer Land and Building 3,00,000
Creditors Stock 1,00,000
Workmen Compensation Reserve Debtors 1,50,000
Bank 1,55,000
7,05,000 7,05,000
  The firm was dissolved on 1.4.2023 and the assets and liabilities were settled as follows: (I) Sanjay agreed to take over land and building at ₹ 3,50,000 by paying cash; (ii) Stock was sold for ₹ 90,000; (iii) Creditors accepted Debtors in full settlement of their claim. Pass necessary journal entries for dissolution of the firm. [Ans. Final payment to Sanjay ₹ 2,38,000 and Sameer ₹ 3,57,000.]  
Anurag Pathak Answered question September 30, 2024
Add a Comment