4. Ramya, Kavya and Divya are partners sharing profits and losses in the ratio of 1:2:1, their balance sheet as on 31.3.2018 was as follows: Balance sheet as on 31.3.2018 Liabilities ₹ 20,000 Cash 6,000 Debtors Assets 15,000 Bank O/D Reserve fund 4,000 Stock 15,000 18,000 12,000 8,000 Furniture. Vani's loan Capitals: Ramya 5,000 Machinery 42,000 Buildings 20,000 60,000 Creditors Bills Payable Kavya Divya 35,000 20,000 1,40,000 On the above date they decided to dissolve the firm: a) Assets realised as follows: 1,40,000 Debtors 13500, Stock 19,800, Buildings 362,000, Vehicle which was unrecorded also realised 74,000 and Machinery realised at book value. b) Furniture was taken over by Ramya at a valuation of 79000 c) Creditors were settled at 10% less. Divya took over Vani's loan. d) Interest on Bank O/D due 7400 was also paid off. e) Realisation expenses amounted to 74,000. Prepare: 1. Realization A/c 2. Partners Capital Accounts and 3. Cash A/c (Ans: Profits on Realisation Rs 900, Final capital balance paid: Ramya 735,225. Kavya 739450, Divya 27,225 and Cash A/c Total 1,34,300.)
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Answer:
I think your question is,
1. Assets realised as follows:
Debtors ₹ 13,500, Stock ₹ 19,800, Buildings ₹ 62,000, Vehicle which was unrecorded also realised ₹ 4,000 and Machinery realised at book value.
2. Furniture was taken over by Ramya at a valuation of ₹ 9,000
3. Creditors were settled at 10% less. Divya took over Vani’s loan.
4. Interest on Bank O/D due ₹ 400 was also paid off.
5. Realisation expenses amounted to ₹ 4,000.
Prepare:
1. Realization A/c
2. Partners Capital Accounts and
3. Cash A/c
You are required to prepare the necessary ledger accounts.
Explanation:
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