Question

PARTNERSHIP ACCOUNTS
16-8
Assets
1,00,000
Liabilities
Capital-X
Capital-Y
Reserve Fund
Joint Life Policy Fund
Creditors
Less : Reserve for Discount
80,000 Fixed Assets
60,000 |Life Policy
20,000 (at surrender value)
20,000 Debtors
Less : Provision
20,000
20,000
1,000
38,000
1,000
19,000
37,000 Stock at invoice price
4,000 Less : Price unloading
20,000
4,000
Salary Outstanding
16,000
Investments
Less : Fluctuation Fund
16,000
1,000
Capital Account-Z
Bank
15,000
4,000
47,000
2,21,000
2,21,000
Investments were taken over by X at 12,000 ; creditors of ? 20,000 were taken over by Y who has
agreed to settle account with them at 7 19,800. Remaining creditors were paid at ? 15,000. Joint life policy
was surrendered and fixed assets realised + 1,40,000. Stock and debtors realised ? 14,000 and 18,000
respectively. One customer, whose account was written off as bad, now paid * 1,600 which is not included in
18,000 above. There was one unrecorded asset estimated at 3 6,000, half of which was handed over to an
unrecorded liability of 710,000 in settlement of claim of 75,000 and remaining half was sold in the market
which realised * 2.600.​

Answer 1

Answer:

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