Question

Following is the Balance Sheet of Vishnu, Sanjiv and Sudhir as at 31st March, 2018: Profit-sharing ratio of the partners is 5 : 3 : 2. At the above date, the partners decided to dissolve the firm. The assets were realised as follows: Bill Receivable were realised at a discount of 5%. All Debtors were good. Stock realised Rs. 22,000. Land and Building realised 40% higher than the book value. Furniture was sold for Rs. 8,000 by auction and auctioneer’s commission amounted to Rs 500. Computers were taken by Vishnu for ana greed valuation of Rs. 3,000. Investments were sold in the open market at a price of Rs. 45,000 for which commission of Rs. 600 was paid to the broker. Bills Payable were paid at full amount. Creditors however agreed to accept 10% less. All other liabilities were paid off at their book value. The firm retrenched their employees three months before the dissolution of the firm and firm had to pay Rs 20,000 as compensation. Prepare Realisation Account, Partners Capital Accounts and Cash Account.​

Answer 1

Answer:

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