Following is the Balance Sheet of A,B,C and D who were sharing in the ratio of 3: 3: 2: 2 as at 31st March, 2020, when they
decided to dissolve the firm:
Liabilities ₹ Assets ₹
Trade Creditors 83,000 Cash at Bank 21,000
A’s Loan 18,500 Other Assets 1,42,000
C’s Loan 12,500 B’s Drawings 4,000
A‘s Capital 60,000 C ‘s Capital 48,000
B‘s Capital 44,000 D’s Capital 13,000
General Reserve 20,000 Profit & Loss A/c 10,000
2,38,000 2,38,000
After preparing the Balance Sheet as at 31st March, it was discovered that purchases amounting to ₹ 10,000 in March, were not
recorded in books, though the goods were received during March. Other Assets realized ₹ 68,000.B was appointed to realise the
assets and to pay off the liabilities. He was entitled to receive 5% commission on the amount finally paid to other partners as
capital. He was to bear 15% of realisation expenses. Expenses of realisation amounted to ₹ 10,000. Calculate the commission paid
to B if Rule of Garner vs Murray is to be applied and the private position of the partners was as follows:
Particulars A B C D
Private Estate (₹) 1,00,000 2,00,000 3,00,000 4,00,000
Private Liabilities(₹) 75,000 1,75,000 2,97,500 3,70,000
Required: Prepare Realisation A/c, Partners’ Capital A/cs and Bank A/c
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Answer:
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)
(1) Goods A/C
(2) Wages A/C
(3) Loan A/C
(4) Debtors A/C
(5) Creditors A/C
(6) Furniture A/C
(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C
(10) Discount A/C
(11) Rent Received A/c (12) Building A/C
CANA( ((✿
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