Full solution of this Q ? Q. 15. Bhuvan. Surai and Ibrahim were partners in a firm sharing profits in the ratio of 3 : 2 1.
On 30th June, 2014, they decided to dissolve the: firm. Following was the Balance Sheet of
the firm on that date:
In-vestment Fluctuation Fund
Reserve F und
Capital AJcs: Bhuvan
suraj
Ibrahim
30000
10.000
50.4m
10.000
12.0m
60.000
Assets
Cash
Stock
Debtors
Investments
Furniture
'3,700
20 m
16.000
The assets were realised and the liabilities were paid as follows:
(i) Investments were taken over by Bhuvan for
• (ii) Stock was taken over by Suraj for 17300 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 roålisatior.l expenses were 0500]
Prepare Realisation Account, Cash Account and Partners' Capital AccOunts. 2015 C)
Ans- Realisation Gain—R 2,800; Final Payments: Bhuvan—? 19,400; 7,433; Cash brought
in by Ibrahim—æ 7,533. Total of cash 81,733.
