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Valerie Sim asked a question
Subject: Accountancy, asked on on 17/9/16

 

The following is the Balance Sheet of Gupta and Sharma as on December 31,2012:

 

Balance Sheet of Gupta and Sharma as on December 31, 2012

 

 

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

38,000

Cash at Bank

12,500

Mrs.Gupta’s loan

20,000

Sundry Debtors

55,000

Mrs.Sharma’s loan

30,000

Stock

44,000

Reserve fund

6,000

Bills Receivable

19,000

Provision of doubtful debts

4,000

Machinery

52,000

Capital

 

Investment

38,500

Gupta

90,000

 

Fixtures

27,000

Sharma

60,000

1,50,000

 

 

 

2,48,000

 

2,48,000

 

 

 

 

           

 

The firm was dissolved on December 31, 2012 and asset realised and settlements of liabilities as follows:

(a) The Realisation of the assets were as follows:

 

Rs

Sundry Debtors

52,000

Stock

42,000

Bills receivable

16,000

Machinery

49,000

(b) Investment was taken over by Gupta at agreed value of Rs 36,000 and agreed to pay of Mrs. Gupta’s loan.

(c) The Sundry Creditors were paid off less 3% discount.

(d) The Realisation expenses incurred amounted to Rs 1,200.

Journalise the entries to be made on the dissolution and prepare Realisation Account, Bank Account and Partners Capital Accounts.

 

 

Purvi asked a question
Subject: Accountancy, asked on on 23/9/19
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Subject: Accountancy, asked on on 30/7/17
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Y Toh asked a question
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.

 

 

Mukul Rathi asked a question
Subject: Accountancy, asked on on 27/12/17
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