Question

8. Ashish and Kanav were partners in a firm sharing profits and losses in
the ratio of 3: 2. On 31 March, 2018 their Balance Sheet was as follows
(6)
Balance Sheet of Ashish and Kanay as at 31st March, 2018
Liabilities
Trade Creditors
Employee's Provident Fund
Mrs. Ashish's Loan
Kanav's Loan
Workmen's Compensation
Fund
Investment Fluctuation
Reserve
Capital :
Ashish
Kanav
Amount
(Rs.)
42,000
60,000
9,000
35,000
20,000
Assets
Bank
Stock
Debtors
Furniture
Amount
(Rs.)
35,000
24.000
19,000
40,000
2,10.000
Plant
4,000
Investments
32,000
Profit and Loss
Account
10,000
1.20,000
80,000 2,00.000
3,70,000
3,70,000
On the above date they decided to dissolve the firm. Prepare Revaluation
Account
TE
ill.
Ashish agreed to take over furniture at Rs 38,000 and pay off Mrs.
Ashish's loan.
Debtors realised Rs. 18,500 and plant realised 10% more.
Kanav took over 40% of the stock at 20% less than the book value
Remaining stock was sold at a gain of 10%
Trade creditors took over investments in full settlement.
Kasay agreed to take over the responsibility of completing
dissolution at an agreed remuneration of Rs. 12,000 and to bear
realization expenses. Actual expenses of realization amounted to
Rs.8.000.
.​

Answer 1

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Explanation:

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