Question

P, Q, r and S had been carrying on business partnership sharing profit and losses in the ratio of 4:3:2:1 .They decide to dissolve the partnership on the basis of following balance sheet on 30 April 2011.
liabilities. amt. assets. amt
P 168000
Q 108000
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Answer 1

Answer:

Explanation:

P, Q, r and S had been carrying on business partnership sharing profit and losses in the ratio of 4:3:2:1 .They decide to dissolve the partnership on the basis of following balance sheet on 30 April 2011.

Capital

P 168000

Q 108000

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CASH ACCOUNT

To balance b/d     15500              By Realization A/c          

To realization A/c                                    Expenses          7800

  Land & buil          230000                    Creditors        54000

  Furniture                  42000                  Mortgage    110000

  Stock                          72000          By P 's Capital     203364

  Debtors                       65000         By  Q's  Capital    135576

To  P Q S caoital         80240

To S capital                     6000

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                               510740                                                  510740