Question

Outstanding Expenses
Mrs. A
₹
Mrs. B's Loan
Trade Creditors
Bills Payable
83,000
60,000
60,000 Bank
80,000 Sundry Debtors
50,000 Less : Provision for
Capital
Capital
Q. 11. Anurag and Prem were partners sharing profits and losses in 2:1. On 31st
March, 2020 their Balance Sheet was as follows:
Assets
Liabilities
Sundry Creditors
Mrs. Anurag's Loan
Anurag's Loan
Doubtful Debts
Workmen's Compensation
Reserve
Investment Fluctuation Reserve
Profit and Loss
Capitals :
Investments
Anurag
3,50,000
Advertisement Expenses
Prem
45,000 3,95,000
7,20,000
3,000
B:
1,20,000 Stock
10,000 Furniture
5,000 Plant
57,000
1,00,000
20,000
4,00,000
45,000
15,000
7,20,000
The firm was dissolved on the above date :
(i) Anurag took over 60% of the stock at a discount of 20%; 25% of the
remaining stock was sold at a profit of 40% on cost; Remaining stock was
found obsolete and realised nothing.
(ii) Firm had to pay $90,000 as compensation to workers.
(iii) Sundry Creditors took over investments in full settlement.
(iv) Sundry Debtors realised at 75% and plant realised 20% less.
(v) Prem agreed to take over the responsibility of completing dissolution work
and he was given furniture as his remuneration.
(vi) Realisation expenses amounted to 10,000.
Prepare Realisation Account.
1. Half the stoc
was taken o
2. During the
settled at ₹
3. Assets real
Plant & M
25,000;
book valu
4. A promise
10% disc
5. Trade C
after 313
per annu
Prepare nec
[Ans. Profit
B1,14,000; T​

Answer 1

Answer:

114000......................