Please solve this question
Please solve this question Sheet of and "gesh
as on 31st March. 2015
Liabilities
Mrs. Vinit•s Lon
Loan
Fluctuation Fund
Amount
1 .oo.orxj
30.
Vinit
Yogesh
1.00."00
Assets
Bank
S I Ock
I nwstment
Debtors
: Provision for doubtful debts
Fix c d Assets
Profit and A,'e
The firm was dissolved on 31st March, 2015. The assets were realised and the liabilities were
under:
Vinit promised to pay off Mrs. Vinit's Loan and took away stock at 20% diScount.
(b) Yogesh took away of the investment at discount.
(c) Sunil, a debtor of 50.000 had to pay the amount due 3 months after the date oi dissolutiotLHt
was allowed a discount of 5% for making payment immediately. The remaining debtors weu
collected in full.
(d) Creditors were paid e 350,000 in full settlement of their claim.
(e) Fixed assets realised and remaining investment realised 75.000.
(f) There was an old furniture which had been written off completely from the books. Yogesh
away the same for 4,000.
(g) Realisation expenses 20.0(K) were paid by Vinit.
Prepare Realisation Account, Bank Account and Partner's Capital Accounts.
[Delhi 20160
Monikamali17 . answered this
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Mani Singh answered this
Abhinav Deedwania asked in Accountancy
A, B and C were partners sharing profits in the ratio of 3 : 1 : 1. Their Balance-Sheet as on March 31st2009, the date on which they dissolve their firm, was as follows:
Liabilities
Amount
Rs
Assets
Amount
Rs
Capitals:
Sundry Assets
17,000
A
27,500
Stock
7,800
B
10,000
Debtors
24,200
C
7,000
44,500
Less: Provision for doubtful debts
(1,200)
23,000
Loan
1,500
Bills Receivable
1,000
Creditors
6,000
Cash
3,200
52,000
52,000
It was agreed that:
(a) A to take over Bills Receivable at Rs 800, debtors amounting to Rs 20,000 at 17,200 and the creditors of Rs 6,000 were to be paid by him at this figure.
(b) B is to take over all stock for Rs 7,000 and some sundry assets at Rs 7,200 (being 10% less than the book value)
(c) C to take over remaining sundry assets at 90% of the book value and assume the responsibility of discharge of loan together with accrued interest of Rs 300. (d) The expenses of realization were Rs 270
The remaining debtors were sold to a debt collecting agency at 50% of the book value. Prepare Realisation A/c, Partners Capital A/c and Cash A/c
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