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0.3 Ram, Shyam and Nitin were partners sharing profits and losses in the
proportion 2:2:1. Following is their balance sheet as on 31%
March 2020.
Balance sheet on 31" March, 2020
Liabilities
Amt.
Assets
Amt.
Capital's Account :-
Machinery
1.00.000
Ram
1.20.000 Stock
40,000
Shyam
40.000 Debtors 1.10,000
Nitin
40.000 Less R.D.D 6.000 1.04,000
General Reserve
12.000 Investment
48.000
Creditors
80.000 Profit and Lass
36,000
Rain's Loan
16.000 Bank
8.000
Bills Payable
28.000
3,36,000
3,36,000
On the above date the partners decided to dissolve the firm.
1 Assets were realised as :-
Machinery 290,000, Stock, 36,000, Investment 42,000, Debtors 390,000.
2. The expense of dissolution amounted to 6.000
Goodwill of the firm realised 48,000
Prepare 1. Realisation Ale 2. Partners' Capital A/e And 3. Bank Ale
Answers
Answer:
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C(11) Rent Received A/c (12) Building A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C(11) Rent Received A/c (12) Building A/CCANA