Question

39. (Piecemeal Distribution) A, B and C are partners sharing profits and losses in the ratio of 5 : 3:2. Their capitals were 9,600, 6,000 and 8,400 respectively. After paying creditors, the liabilities and assets of the firm were: Liabilities for Interest on Loans from Spouses of partners Partners ₹ Investments Furniture 2,000 Machinery 1,000 Stock ₹ 1,000 2,000 1,200 4,000 The assets realised in full in the order in which they are listed above. Bis insolvent. You are required to prepare a statement showing the distribution of cash as and when available, applying maximum possible loss procedure.

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Answer 1

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