Plzzz help me 14. Kumar, Shyam and Ratan were Partners in a firm sharing Profits in the ratio of 5 : 3.
respectively. They decided to dissolve the firm with effect from 01-04-2013. On that date
the balance sheet of the firm was as follows:
Liabilities
Capitals:
Kumar
Shvam
Ratan
Creditors
68,000
50,000
27,000
Amount (O Assets
Plant
Furniture
Motor van
Stock
Debtors
Cash
Amount
80,000
45,000
25,000
30,000
71,000
14,000
The dissolution resulted in the following.'
(i) Plant of 40,000 was taken over by Kumar at an agreed value of 45,000 and remaining
plant realised 50,000.
(ii) Furniture realised 40,000.
(iii) Motor van was taken over by Shyam for 30,000.
(iv) Debtors realised 1,000 less.
(v) Creditors for 20,000 were untraceable and the remaining creditors were paid in full.
(vi) Realisation expenses amounted to 5,000.
Prepare realisation account, partners' capital accounts and bank account of the firm. (6)
