Subject: Accountancy, asked on 16/6/10

Subject: Accountancy, asked on 25/8/13

Subject: Accountancy, asked on 27/11/18

Subject: Accountancy, asked on 17/9/16

 

Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve the partnership of the December 31, 2012, when the balance sheet of the firm as under:

 

Balance Sheet of Ashok, Babu and Chetan as on December 31, 2012

 

 

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

20,000

Bank

7,500

Bills payable

25,500

Sundry Debtors

58,000

Babu’s loan

30,000

Stock

39,500

Capital’s:

 

Machinery

48,000

Ashok

70,000

 

Investment

42,000

Babu

55,000

 

Freehold Property

50,500

Chetan

27,000

1,52,000

 

 

Current Accounts :

 

 

 

Ashok

10,000

 

 

 

Babu

5,000

 

 

 

Chetan

3,000

18,000

 

 

 

 

2,45,500

 

2,45,500

 

 

 

 

 

           

 

The Machinery was taken over by Babu for Rs 45,000, Ashok took over the Investment for Rs 40,000 and Freehold property took over by Chetan at Rs 55,000. The remaining Assets realised as follows: Sundry Debtors Rs 56,500 and Stock Rs 36,500. Sundry Creditors were settled at discount of 7%. A Office computer, not shown in the books of Accounts realised Rs 9,000. Realisation expenses amounted to Rs 3,000.

Prepare Realisation Account, Partners Capital Account, Bank Account.

 

 

Subject: Accountancy, asked on 24/7/19

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