Question

IR W VS VS
30. P, Q, R and S are partners sharing profits in the ratio of 4:3; 2:1. Their position
statement was as follows:
Liabilities
Rs.
R
Capital:
Buildings
44.000
Р
30.000 Stock
60,000
Q
20,000 Cash
1,500
Bank loan
20,000 Capital
:
R
40,000
3.500
Creditors
S
1.000
1.10.000
1.10,000
Financial Accounting
The firm is dissolved. All assets realised Rs. 82,000. All outside liabilities are paid
Rs. 58,500 in full satisfaction. Outstanding creditors are also paid Rs. 500. The
expenses of dissolution are Rs. 600. 'S' becomes insolvent and 'R' paid only
Rs. 3.000.
Prepare ledger accounts to close the books of the firm.
[Delhi, B.Com, 1987)
Ans: Realisation loss Rs. 21,600; R's capital deficiency of Rs. 4820
borne by P and Q in 3:2; S's capital deficiency of Rs. 3,160 is
also borne by P and Q in 3:2;
Cash balance Rs. 42,020; P gets Rs. 25,212 and Q Rs. 16,808]

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Answer 1

Answer:

1. b) 0.07049 correct to 2 significant figure