Please solve this:
Q. X, Y and Z were partners sharing profits in the ratio 2 : 2 : 1. their balance sheet as on 31st March, 2010, when they dissolved the firm was as follows :
| Liabilities | Rs | Assets | Rs |
| Capitals: x y z Ban Overdraft Creaditor |
1,27,500 1,10,000 17,000 11,500 16,00 |
Other Sudry Assets Furniture Books Debts 1,24,200 Less: proision for D.D. ( 1,200) Stock Cash |
1,17,000 11,000 1,23,000 17,800 13,200 |
| 2,82,000 | 2,82,000 |
a) X to take over fumiture at Rs.8,000 and debtors amounting to Rs. 1,20,000 at 1,17,200 and the creditors of Rs.16,000 were to be paid by him at this figure.
b) Y is to take over all the stock for Rs. 17,000 and some sundry assets at Rs.72,000 ( being 10% less than the book value)
c) Z to take over remaining sundry assets at 80% of the book value ands assume the responsibility of discharge of Bank overdraft together with accrued interest of Rs.2,300.
d) The expense of realization were Rs.2,700 which were to be borne by X. But was paid by the firm.
e) The remaining debtors were sold to a debt collecting agency at 50% of the value.
Prepare necessary ledger accounts to close the books of the firm.
Dear Student,
Regards,
| Realisation A/c | |||
| Particulars | Amount (in Rs) | Particulars | Amount (in Rs) |
| Other Sundry Assets | 117,000 | Creditors | 16,000 |
| Furniture A/c | 11,000 | Bank overdraft | 11,500 |
| Book Debts | X's Capital A/c | ||
| Less: provision | 123,000 | -- Furniture | 8,000 |
| Stock | 17,800 | -- Debtors | 117,200 |
| X's Capital A/c | Y's Capital A/c | ||
| -- Creditors | 16,000 | -- Stock | 17,000 |
| Z's Capital A/c | --Other Sundry Assets | 72,000 | |
| -- Bank overdraft | 11,500 | Z's Capital A/c | |
| -- Accrued interest | 2,300 | --Other Sundry Assets | 29,600 |
| Cash A/c | |||
| -- Book Debts | 1,500 | ||
| Partners' Capital A/cs | |||
| X's Capital A/c | 10,320 | ||
| Y's Capital A/c | 10,320 | ||
| Z's Capital A/c | 5,160 | ||
| 298,600 | 298,600 | ||
| Partners' Capital A/c | |||||||
| Particulars | X's Capital A/c | Y's Capital A/c | Z's Capital A/c | Particulars | X's Capital A/c | Y's Capital A/c | Z's Capital A/c |
| Realisation A/c | Balance b/d | 127,500 | 110,000 | 17,000 | |||
| -- Furniture | 8,000 | Realisation A/c | |||||
| -- Debtors | 117,200 | -- Creditors | 16,000 | ||||
| -- Stock | 17,000 | -- Bank overdraft | 11,500 | ||||
| --Other Sundry Assets | 72,000 | 29,600 | -- Accrued interest | 2,300 | |||
| -- Losses | 10,320 | 10,320 | 5,160 | ||||
| Cash A/c (realisation exp) | 2,700 | ||||||
| Cash A/c | 5,280 | 10,680 | Cash A/c | 3,960 | |||
| 143,500 | 110,000 | 34,760 | 143,500 | 110,000 | 34,760 | ||
| Cash A/c | |||
| Particulars | Amount (in Rs) | Particulars | Amount (in Rs) |
| Balance b/d | 13,200 | X's Capital A/c | 5,280 |
| Realisation A/c | 1,500 | -- Realisation exp | 2,700 |
| Z's Capital A/c | 3,960 | Y's Capital A/c | 10,680 |
| 18,660 | 18,660 | ||
Regards,