(8) X Y and Z are partners sharing profits and losses in the ratio of 3:2:1. The Elalance Sheet as on 31.1.2018 was as follows:
Balance Sheet an on 31.3.2018
30,000
20,000 10,000
10,000
18,500
Assets
Machinery
Investments
Stock in trade Joint Life Policy
Debtors
Profit and loss A/c
14,000 Cash at bank
6,000
1,08,500
Liabilities
X
Capitals
Mrs.Y's Joan
Creditors
Life Policy Fund
Investment Fluctuation
fund
The firm was dissolved on the above date.
40,500
20,830 17,550
14,000
8.700
1,500 5,420
1,08,500
a) Joint life policy is surrendered for 12, 000. Machinery is realised for 255,000, Stock is realised for 15, 000, Debtors realised 7 6,150
b) Investments are taken over by Mr. K for 17, 500
ci Mr. Y agrees to discharge his wife's loan.
d) It is found that an investment not recorded in the books is worth 73,000. The same is taken over by one of the creditors.
el Expenses of realisation amounted to 2600.
Prepare: i. Realisation A/c
b. Partners' capital Accounts and
e. Bank A/e
Ans: Profits on Realization Rs 26,470, Final capital balance paid: X ? 34,985, Y 28,323, Z 14,162 and Bank A/e Total 87,420.)
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