Question

6. Ajit Gaurav & Nitin are partners sharing profit and losses in the ratio of 4 3.3 TheirBalance Sheet as on 31 March 2020 stood as follows:Rs.40.00015,000AssetsFixed AssetsDebtorsRS40,00024,000LiabilitiesCreditorsLoan from Bank(Secured on Stock)Loan from AjitCapital10,000Stock20,0001,00030,000Prolit and Loss AccountAjitGauravNitin20,00020.00010,0001.15.0001,15,000The firm was dissolved. The stock realized 50% fixed assets and debtors realized Rs. 30,000 inall. The private position of the partners was under.Private AssetsPrivate LiabilitiesRS.RsAjit10,00015,000Gaurav8,0006,000Nitin was able to pay 50 paise in the rupees what was payable on his own accounts to the firm,The loss on realization is to be determined after considering the amount finally paid to creditors,Prepare Realisation Account Partners, Capital Accounts, Bank Account and Deficiency Accountto close the books of the firm,​

Answer 1

Answer:

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Answer 2

Answer:

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