6, The following is the Balance Sheet of Disha,Diya and Deepa as on 31.3.2013,
Balance Sheet as on 31. 3. 2012
22.900
Liabilities
Assets
>
Creditors
15,000 Cash
6.500
Bills payable
1,800 Debtors
3.600
Reserve Fund
6,000 Investments
10.000
Capitls:
Stock
13.700
Disha
22,000 Furniture
5.100
Diya
12,000 Buildings
Deepa
10,000
66,800
66.800
It was decided to dissolve the partnership firm and the details available are.
a) Disha took over buildings at 3 27,750.
b) Deepa took over bills payable at book value.
c) The other assets realised as under:
Debtors ? 8,000, Investments ? 8,950, Stock ? 15,600 and Furniture ?
4,500.
d) Realisation expenses amounted to 3 600
Prepare : i) Realisation Account
ii) Partners' Capital Accounts and
iii) Cash Account.
1 onnitnl halance paid: Diva
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
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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