Harish and Gopal were partners in a firm sharing profits in the ratio of
3 : 2. On 31st March, 2018, their Balance Sheet was as follows :
Balance Sheet of Harish and Gopal as at March 31, 2018
Liabilities Amount Assets Amount
(`) (`)
Creditors 36,000 Cash 47,000
Outstanding expenses 10,000 Bank 93,000
Gopal’s wife’s loan 50,000 Debtors 76,000
Capitals :
Harish 2,80,000
Gopal 1,60,000 4,40,000
Stock 2,00,000
Furniture 20,000
Leasehold premises 1,00,000
5,36,000 5,36,000
On the above date the firm was dissolved. The various assets were
realized and liabilities were settled as under :
(i) Gopal agreed to pay his wife’s loan.
(ii) Leasehold premises realised ` 1,50,000 and Debtors ` 12,000 less.
(iii) Half of the creditors agreed to accept furniture of the firm as full
settlement of their claim and remaining half agreed to accept 10%
less.
(iv) 50% stock was taken over by Harish on payment by cheque of
` 90,000 and remaining stock was sold for ` 94,000.
(v) Realization expenses of ` 10,000 were paid by Gopal on behalf of the
firm.
Prepare Realization Account.
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Gain on realisation 21800
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Realisation A/c
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Plz check the attached pic for the preparation of Realisation A/c.
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