Question

and Loss Appropriation Account and Balance Sheet to close the books of the firm.
sation Account, Cash Account, Profit
[Ans. Divisible profits 319,600; Capital A/cs on 31-3-2015 before dissolution P
340,240; Q *31,640; R 320,120. Total Sundry Assets +1,07,000, Loss on Realisation
38,000, Final payments : P *37,040; Q *28,440 and R *18,520. Total of Cash A/C
31,00,000.]
Q. 9. A, B and C entered into partnership on Ist April, 2013. They contributed
Capitals of 80,000; 260,000 and 340,000 respectively. They shared profits in the
ratio of 3:2:1. Interest on Capital was to be allowed at 5% p.a. and was to be charged
on drawings at 6% p.a. Firm earned profits 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 year.
The firm was dissolved on 31st March, 2015. On that date creditors amounted to
340,000. Assets realised 2,40,000, other than cash of 34,000.
Prepare necessary accounts.
[Ans. Divisible profits 2013-14 *22,080; 2014-15 316,380; Capital A/cs before
dissolution A 82,644; B *54,000; C 225,356; Total Assets 52,02,000 Cash 4,000
+ other Assets 1,98,000); Profit on Realisation 42,000; Final payments A
1,03,644; B 68,000; C 32,356; total of Cash A/c 12,44,000.]
Hint : Interest on Drawings will be charged for 6 months.​

Answer 1

Answer:

Sorry

and Loss Appropriation Account and Balance Sheet to close the books of the firm.

sation Account, Cash Account, Profit

[Ans. Divisible profits 319,600; Capital A/cs on 31-3-2015 before dissolution P

340,240; Q *31,640; R 320,120. Total Sundry Assets +1,07,000, Loss on Realisation

38,000, Final payments : P *37,040; Q *28,440 and R *18,520. Total of Cash A/C

31,00,000.]