6. The following is the Balance Sheet of Disha,Diya and Deepaas on 31.3.2018:
Balance Sheet as on 31. 3. 2018
Liabilities
Rs. Assets
Creditors
15,000 Cash
6,500
Bills payable
1,800 Debtors
8,600
Reserve Fund
6,000 Investments
10,000
Capitls:
Stock
13,700
Disha
22,000 Furniture
5,100
Diya
12,000 Buildings
22,900
Deepa
10,000
66,800
66,800
decided to dissolve the partnership firm and the details available are:
a) Dishatook over Buildings at Rs. 27,750.
b) Deepatook over Bills payable at book value.
c) The other assets realised as under:
Debtors Rs. 8,000, Investments Rs. 8,950, Stock Rs. 15,600 and FurnitureRs. 4,500.
d) Realisation expenses amounted to Rs. 600.
Prepare :
i) Realisation Account
ii) Partners' Capital Accounts
iii) Cash Account.
Answers
Answer:
started business with Cash Rs.22000 and Stock of Rs.3000. His initial contribution to the capital will be Rs.25000 (Rs.22000 + Rs. 3000).
Calculation at the end of the year will be :
Capital introduced Rs.25000
Add; Profit during the year Rs. 6000
----------------
Rs.31000
Less: Drawings (Goods) Rs.3500
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Capital at the end of the year Rs.27500
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Therefore, Gross Assets of the business as on 31st Dec 2014 will be Rs.27500