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Subject: Accountancy, asked on on 17/9/16

 

Shilpa,Meena and Nanda decided to dissolve their partnershipon March 31,2006. Their profit sharing ratio was 3:2:1and their Balance Sheet was as under:

 

Balance Sheet of Shilpa, Meena and Nanda as on March 31, 2006

 

 

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals:

 

Land

81,000

Shilpa

80,000

Stock

56,760

Meena

40,000

Debtors

18,600

Bank loan

20,000

Nanda’s Capital Account

23,000

Creditors

37,000

Cash

10,840

Provision for doubtful debts

1,200

 

 

General Reserve

12,000

 

 

 

1,90,200

 

1,90,200

 

 

 

 

 

The stock of value of Rs 41,660 are taken over by Shilpa for Rs 35,000 and she agreed to discharge bank loan.The remaining stock was sold at Rs 14,000 and debtors amounting to Rs 10,000 realised Rs 8,000. land is soldfor Rs 1,10,000. The remaining debtors realised 50%at their book value. Cost of Realisation amounted toRs 1,200. There was a typewriter not recorded in the books worth Rs 6,000 whichwere taken over by one of the Creditors at this value. Prepare Realisation Account.

 

 

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