Question

432
SELECTED PROBLEMS ON FINANCIAL ACCOUNTIN
tners sharing pronts and
41. Taana. Manna Jaana and Raana were partners shar
3:3:2:2 Following is their balance sheet as on 31.3.14:
Assets
Capital:
Taana
46.200
Maana
30.000
Raana
12.100
Creditons
Reserve
Worlmen compensation fund
SS 300
40.500
30.000
10.000
Capital
Jaana
Fumiture
Trademark
Stock
Debtors
Ls: Provision
Cash at bank
4820
130
1.74.800
The
B
Due to difference in opinion, the firm was dissolved on that date and Man
appointed to realise the assets and pay off the liabilities. He was entitled
5% commission on the amounts finally paid to other partners and to hear the
expenses.
The assets realized as : Debtors 43,000 : Fumiture 8,000: Stock 24001)
12000
Creditors were paid in full. In addition, an unrecorded liability for 30 was
Actual liability for workmen compensation amounted to 4,000. There was a
policy for 90,000. This was surrendered for 9,000. Expenses of realisation
by the firm
Jaana is declared insolvent and 17,800 realised from him. As per part
any deficiency on account of insolvency of a partner is required to
partners equally.
on account bank account and capital accounts of the pare
books of the firm
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Answer 1

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Answer 2

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