P,Q.R and S had been carrying on business in partnership sharing profit and losses in the ration of 4:3:2:1 They decided to dissolve the partnership on the basis of following Balance Sheet as on 30th April 2011:
Liabilities
Capital Account:
1,68,000
1.08.000 General Reserve Capital Reserve Sundry Creditor Mortgage Loan
(1)
(2) (3) (4)
Amount (Rs.)
2,76,000
95.000
25.000 36,000 1,10,000
5,42,000
The assets were realized as under: Land and Building Furniture & Fixture
Stock
Assets
Land and Building Furniture and Fixture Stock Debtors Cash in hand Capital Overdrawn :
25,000
18.000
Debtors Expenses of dissolution amounted to Rs.7.800 Further creditors of Rs. 18,000 and had to be met R became insolvent and nothing was realized from his private estate.
Amount (Rs.)
2,46,000
65.000 72,500 15,500
43,000 5,42,000
2.30,000 42,000 72,000 65,000
Applying the principles laid down in Garners vs. Murray, prepare the Realisation Account, Partner's Capital Account and Cash Account.
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Q.4 P,Q,R and S had been carrying on business in partnership sharing profit and losses in
the ration of 4:3:2:1 .They decided to dissolve the partnership on the basis of
following Balance Sheet as on 30th April,2011:
(1) The assets were realized as under :
Land and Building 2,30,000
Furniture & Fixture 42,000
Stock 72,000
Debtors 65,000
(2) Expenses of dissolution amounted to Rs.7,800
(3) Further creditors of Rs.18,000 and had to be met
(4) R became insolvent and nothing was realized from his private estate.
Applying the principles laid down in Garners vs. Murray, prepare the Realisation
Account, Partner’s Capital Account and Cash Account
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