Account and balance sheet to close the books of the firm
Ans. Divisible ponts *19.000. Capital son 13 2018 before delion
840,240: O R1,040, R 120,120. Todry Asses 1.07000, Los on Remo
(8.000, Final payments 37,040,28.440 od 18.520. Total of Cache
11,00,000.1
0,9, A, B and entered into partnership on 1st April, 2013. They contributed
Capitals of +80,000, 60,000 and 40,000 respectively. They shared prants in the
ratio of 3: 2:1. Interest on Capital was to be allowed at spa and was to be charged
on drawings at % pa. Firm camed profile of 30,000 in 2013-14 and 24,000 in
2014-15, before allowing or charging interest on capital and drawings. The drawings
of each partner were 12,000 per your
The firm was dissolved on 31st March, 2015. On that date creditors amounted to
240,000, Assets realised R2,40,000, other than chhof 4,000
Prepare necessary accounts ,
Ans. Divisible profits 2013-14 22,080, 2014-15 116,320, Capital Nes before
dissolution A 82,644 8 254,000, C625,356, Total Assets 2,02,000 (Cush 14,000
1 other Assets 1.98,000); Profit on Realisation 42,000, Final payments A
71,03,644; 8 68,000; C 232,356; total of Cash Nic +2.44.000.)
Hint: Interest on Drawings will be charged for 6 months
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