Abhay, Vijay and Sanjay were partners in a partnership. They were sharing profits and losses in the ratio 2:2:1 respectively. Their Balance Sheet was as follows:
Amount
10,000
20,000
18,000
12.000
2.000
20,000 5,000
2,000
30,000
80.000
6.000
158,000
50,000
Amount
Assets
Cash in Hand
Debtors
Less: R.D.D.
8.000
Furniture
15,000
Stock 10,000 Machinery
Sanjay's Capital
Building
1,58,000
Balance Sheet as on 31st March, 2011
Amount
Amount
Liabilities
Sundry Creditors
Bills Payable Bank Overdraft
Abhay's Loan
General Reserve
Capital A/cs:
Abhay Vijay
50,000
On 1st April 2011, they decided to dissolve the partnership:
(1) Assets were realised as Debtors 10,000, Stockt 10,000, Machinery 25,000 and Furniture 1,000 Building was sold 112.5% of its book value.
(2) Dissolution expenses amounted to 4,000. Sundry Creditors and Bills Payable were fully paid. insolvent and nothing could be recovered from his private estate.
(3) Sanjay became
Prepare: Realisation A/c, Capital A/cs of partners and Bank A/c.
[Ans. (1) Loss on Realisation-10,000. (2) Capital deficiency of Sanjay 6,000 borne equally by Abhay and Vis Le. 3.000 each. (3) Amount paid to Abhay-47,000 and Vijay-47,000. (4) Cash A/c total= 1,46,000.]
Hint:
at which buildings sold-112.5% of book value-112.5% of 80,000-90,000.
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Answer: (1) Loss on Realisation-10,000. (2) Capital deficiency of Sanjay 6,000 borne equally by Abhay and Vis Le. 3.000 each. (3) Amount paid to Abhay-47,000 and Vijay-47,000. (4) Cash A/c total= 1,46,000.
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answer ....hope it helps
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