Full solution of this Q ? plz fast Q. 15. Bhuvan, Suraj and Ibrahim were partners in a firm sharing profits
On 30th June, 2014. they decided to dissolve the firm. Following was the Balance Sheet
the firm On that date:
Liabilities
Creditors
Investment Fluctuation Fund
Reserve Fund
Capital A/cs: Bhuvan
Suraj
Ibrahim
50.400
10000
t 2.000
30,000
20.000
10.000 60.000
1,32.400
Cash
Stock
Debtors
Investments
Furniture
13.7m
16000
29,000
1.32,400
The assets were realised and the liabilities were paid off as follows:
(i) Investments were taken over by Bhuvan for 18,000.
(ii) Stock was taken over by Suraj 17,500 and furniture was taken over by Ibrahim
at book value.
(iii) 60,500 were realised from the debtors.
(iv) Creditors were settled in full and rehlisatior* expenses were 4,500.
Prepare Realisation Account, Cash Account and Partners' Capital Accounts. (A/ 2015 C)
Ans. Realisation Gain—t 2,800; Final Payments: Bhuvan—æ 19,400; Suraj—R 7,433; Cash brought
in by Ibrahim —t 7,533. Total of Cash Account—R 81,733.
