Question

37. (Joint Life Policy/Realisation A/c/Partner's Capital A/c/Bank A/e) A, B and C were in
partnership sharing profits and losses in the ratio 3 : 2 : 1. They decided to dissolve the
partnership on 31st December, 2015, when the partnership assets and liabilities were as
under-
Liabilities
Assets
Capital A/cs
Goodwill
45,630
A
42,000
Plant and Machinery
60.750
22,500
Furniture
6,465
C
12,000 76,500 Stock
23,670
Loan from Mrs. A
15,000 Book Debts
53.400
Sundry Creditors
56,700 Joint Life Policy
26.550
Bank Over Draft
60,645 Accrued Agency Commission
14.055
Life Policy Fund
26,550 Cash at Bank
4.875
2,35,395
2.35 395
The following particulars are pertinent
(1) The life policy was surrendered for 23,250.
(2) A took over goodwill and plant and machinery for 90,000.
(3) A also agreed to discharge bank overdraft and loan from Mrs. A.
(4) Furniture and stock were divided equally between A and B at an agreed value of
36,000
(5) Book debts were assigned to firm's creditors in full satisfaction of their claim,
(6) The agency commission was received in time.
(7) A bill receivable discounted was returned dishonoured and subsequently proved
valueless 3,075 (including 50 noting charges)
(8) A paid the expenses of dissolution 1,800.
(9) C agreed to receive ? 15,000 in full satisfaction of his rights, title and interest in the
firm.
You are required to show the accounts relating to final dissolution of the firm.
(Ans. Realisation profit 8,160 ; Amount paid to A 16,341, B27.764, C15,000.)
38. (Realisation A/c/Part​

Answer 1

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