01. w. X and Y were partner in a sim. 2. a minor was admitted to the benefits of
partnership firm. The share of Z Was 1/5 and W. X and Y Were to share the profits in the ratio
of 2:1:1. The following is the Balance Sheet as at 31" March 2020, the date of dissolution:
Jalance Sheet as at 317 March 2020
Equity and Llabrities
Assets
Creditors
3.20,000
Bank
Capital /Accounts:
Other assets
Profit and Loss
W
1.00.000
Account
20,000
5,80,000
40.000
X
80.000
Y
20,000
Z
Total
2000
20.000
40.000
6,40,000
Y is insolvent and a dividend de 40% was realized from his estates. Othey estates realized ? 4,
60,000 ande/editos Werk seuled for 23,00,000. Realization expenses Amounted to ? 4,000.
Prerate the necessary ledger accounts to close the books of the firm
Answers
Answer:
01. w. X and Y were partner in a sim. 2. a minor was admitted to the benefits of
partnership firm. The share of Z Was 1/5 and W. X and Y Were to share the profits in the ratio
of 2:1:1. The following is the Balance Sheet as at 31" March 2020, the date of dissolution:
Jalance Sheet as at 317 March 2020
Equity and Llabrities
Assets
Creditors
3.20,000
Bank
Capital /Accounts:
Other assets
Profit and Loss
W
1.00.000
Account
20,000
5,80,000
40.000
X
80.000
Y
20,000
Z
Total
2000
20.000
40.000
6,40,000
Y is insolvent and a dividend de 40% was realized from his estates. Othey estates realized ? 4,
60,000 ande/editos Werk seuled for 23,00,000. Realization expenses Amounted to ? 4,000.
Prerate the necessary ledger accounts to close the books of the firm
Answer:
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