Question

21. Black and White are partners who share profits or losses equally. Following is the Balance Sheet as on March 31, 2019 Liabilities ₹ Assets ₹ Capitals Fixed Assets 30,000 Black 20,000 Stock 10,000 White 20,000 40,000 Sundry Debtors 5,500 Reserve Fund 5.000 Less: Provision 500 5,000 Sundry Creditors 10,000 Cash and Bank 10,000 55,000 55,000 The firm was dissolved on March 31,2019 and the assets and liabilities were settled as follows: (1) Debtors realized at a discount of 500, (ii) Stock realized at 29,000 and Fixed Assets at 24,200. (iii) Creditors are paid in full (iv) Expenses on realisation amounted to 500 Close the books of the firm, 6 Or​

Answer 1

Answer:

Bills Payable

Creditors

Outstanding Expenses

Capital A/cs:

A 1,80,000

B 1,50,000 10,000

58,000

2,000

3,30,000 Cash in Hand

Cash at Bank

Sundry Debtors

Stock

Plant

Building 10,000

40,000

60,000

40,000

1,00,000

1,50,000

4,00,000