Question

15 Prashant and Rajesh were partners in a firm sharing profits in the ratio of 3:2. They decided
to dissolve the partnership firm on 31" March, 2018. Prashant was deputed to realize the assets
and to pay the liabilities. He as paid Rs.1,000 as commission for his services. The financial
position of the firm on 314 March, 2018 was as follows:
Balance Sheetas on 31" march 2012

Liabilities Rs.

Creditors 80 000
Mrs. Prashant's Loan 40,000
Rajesh's Loan 24,000
Investment Fluctuation Fund
Capitals:
Prashant 42,000
Rajesh 42,000
______ 84000
_______
2,36,000
________________________
Assets Rs.

Building 1,20,000
Investments 30,600
Debtors 34,000
Less:Prov. forb/debts4000
____ 30,000
Bills receivables 37,400
Cash 6,000
P&L A/c 8,000
Goodwill 4000
_________
2,36,000

Following was arranged upon:
1)Prashant agree to pay his wife's loan.
2)Debtors realized Rs 24,000.
3)Rajesh took away all investment at Rs.27,000.
4)Building realized Rs.1,52,000.
5) Creditors were payable after two months. They were paid immediately at 10% discount.
6) Bills receivables were settled at a loss of Rs. 1,400.
7) Realisation expenses amounted to Rs. 2,500.

Prepare realization account, partner's Capital Account and cash Account to close the book of the
firm,​

Answer 1

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