Question

30. Asha, Rekha and Saroj sharing profit in the proportion of 1/6: 1/3: 1/2 agreed upon dissolution of
their partnership on 31st March, 2020 on which date their Balance Sheet was as follows:
₹ F
₹
Assets
Liabilities
37,500
30,000
22,500
Capital A/cs:
Asha
Rekha
Mrs. Asha's Husband's Loan
Creditors
Salary Outstanding
Investments Fluctuation Reserve
Reserve
52,500
5,000
13,875
1,500
10,500
7,500
1,500
92,375
Sundry Assets
Debtors
7,500
Less: Provision for Discount on Debtors 375
Stock
Investments
Cash in Hand
Cash at Bank
Saroj's Capital
7,125
7,500
13,500
7,625
17,625
1,500
Workmen Compensation Reserve
92,375
Additional Information:
(i) Investments were taken by Asha at 12,000.
(ii) Creditors of 7,500 were taken over by Rekha, who has agreed to settle the account with them
at 7,425. Remaining Creditors were paid 5,625.
(iii) Sundry Assets realised 52,500.
(iv) Stock and Debtors realised 5,250 and 6,750 respectively.
(v) A customer, whose account was written off as bad, now paid 600, which is not included in
7,500 above.
vi) it was found than an investment not recorded in the books was of rs.2250, half of which was given to settle an unrecorded liability of rs.3750 j. settlement of his claim of rs.1875 and remaining half was sold in the market, which realised rs.975.
vii) the expense of realisation amounted to rs.825.
prepare realisation accound, partners capital accounts and bank accounts to close the books of firm​

Answer 1

Answer:

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