Question

A, B and C had the following balace sheet on 31st December, 2006.
Particulars
Rs.
Assets
Creditors
Rs.
40,000 Fixed Assets
15,000 - Debtors
Stock
40,000
24,000
20,000
1,000
30,000
10,000
Cash at Bank
Loan from Mrs. A
(with a charge on stock)
Loan from A
Capital Accounts;
A
Rs. 20.000
B
Rs. 20,000
С
Rs. 10,000
Loss
50,000
1,15,000
1,15,000
The firm was dissolved. Stock realized Rs.10,000. and fixed assets and debtors realized Rs.30,000 in
all. The private position of the partners was as under;
Private estate
Private Liabilities
Rs.
Rs.
A
10,000
15,000
B
8,000
6,000
C was able to pay 50 paise in the rupee of what was payable on his own account to the partership.
The partners shared profits and losses in the ratio of 4:3:3 respectively.
The loss on reaslization is to be determined after considering the amount finally paid to the creditors.
You are required to close the books of the firm by preparing the necessary ledger accounts.
[Delhi, B.Com. (Hons.) 1994 (Modified)]
Solution​

Answer 1

Answer:

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Explanation:

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