Question

KBD SCANNER (Commerce-XII]
2018 MAR.
9
of dissolution :
Liabilities
Assets
Rs.
Cash at Bank
SET-A,B,C [7] X, Y and Z shared profits in the ratio of 2:2:1.
Following is their Balance Sheet as at 31st March 2016 on the date
(0) X takes over Debtors at Rs. 10,000; Stock at 20% Less
Rs.
40,000
2,600
15,000
40,000
Х
1,35,000
Y
30,000
Z
10,000
2,72,600
Debtors
Creditors
Bills Payable
Provision for Depreciation
X's Loan
Capital Accounts
Stock
44,000
15,000
50,000
75,000
20,000
Plant
Patents
100 Shares in Ram Co.
300 shares in Sham Co.
Goodwill
5,000
18,000
15,600
30,000
Advertisement Suspense A/C
2,72,600
value; and Plant at Rs. 30,000.
(ii) One of the Creditors took some of the Patents whose book
value was Rs. 8,000, at a valuation of Rs. 4,800. Balance
of the creditors were paid at a discount of Rs. 1,200.
(iii) There was an unrecorded Assets of Rs. 15,000 which was
taken over by X at Rs. 10,000 in part payment of his loan.
(iv) Shares in Ram Co. were agreed to be taken over by Y at
Rs. 30 per share.
(v) Shares in Sham Co. were valued at Rs. 12,000. All partners
divided these in their profit sharing ratio.
(vi) Balance of the Patents realized 70% of their book value.
Prepare Realisation Account, Capital Accounts of the partners and
Bank Account to close the books of the firm.
[Ans. Loss on Realisation Rs. 64,200; Final amount paid to X:
Rs. 12,520; Final amount received from Y: Rs. 15,480; Z : Rs. 11,240
Cash A/c Total Rs. 79,120]
(Marks 6)​

Answer 1

Answer:

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Answer 2

Answer:

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