Question

PARTNERSHIP ACCOUNTS-VI (DISSOLUTION OF PARTNERSHIP FIRM)
7.93
Liabilities
₹
₹
Assets
17,000
Capitals
A
7,800
B
27,500
10,000
24,200
C
Sundry Assets
Stock
Debtors
44,500 Less : Provision Doubtful debts
1,500
Bills Receivable
6,000 Cash
1.200
7,000
Loan
Creditors
23,000
1,000
3,200
52,000
52,000
It was agreed that
(a) A to take over Bills Receivable at * 800, debtors amounting to 3 20,000 at 7 17,200 and
the creditors of 6,000 were to be paid by him at this figure.
(b) B is to take over all stock for 7,000 and some sundry asset at * 7,200 (being 10% less
than the book value)
(c) C to take over remaining sundry assets at 90% of the book value and assume the
responsibility of discharge of loan together with accrued interest of * 300.
(d) The expenses of realization were *270.
(e) The remaining debtors were sold to a debt collecting agency at 50% of the book value.
Prepare Realisation Account, Partner Capital Accounts and Cash Account.
[Ans. Loss on realisation 6,970.)​

Answer 1

Answer:

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