Question

pectively; Cash A/c 23,300)
12. Following is the Balance Sheet of Aman and Vishal as on 31st December 2012
BALANCE SHEET
as at 31.12.2012
₹ Assets
Liabilities
Creditors
Mrs. Aman's Loan
Vishal's Loan
Workmen Compensation Fund
Aman's Capital
Vishal's Capital
16,800
4,000
6,000
4,000
3,200
800
Cash
Bank
Debtors
Stock
Investments
Plant
Goodwill
Patents
9,280
560
2,400
4,000
10,400
4,000
3,000
1,160
34,800
34,800
Both the partners agreed to dissolve the business as on 31.12.2012 to the following purpose:
(a) Vishal agreed to take the Investments at an agreed value of 10,000.
(6) The other assets realised as under:
Stock* 3,200; Debtors 7,400; Plant 6,000.
(c) Realisation Expenses were 2,000.
(d) The Creditors agreed to accept 16,000 in full settlement of their claims.
(e) Goodwill and Patents were taken over by Aman at book values.
One of the worker met with an accident and * 2,500 were payable for his treatment.
Prepare Realisation Account, Cash Account, Partners' Capital Accounts and Partners' Loan
Accounts knowing that the profit was shared in the ratio of 3:1.
21​

Answer 1

Answer:

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Answer 2

Answer:pectively; Cash A/c 23,300)

12. Following is the Balance Sheet of Aman and Vishal as on 31st December 2012

BALANCE SHEET

as at 31.12.2012

₹ Assets

Liabilities

Creditors

Mrs. Aman's Loan

Vishal's Loan

Workmen Compensation Fund

Aman's Capital

Vishal's Capital

16,800

4,000

6,000

4,000

3,200

800

Cash

Bank

Debtors

Stock

Investments

Plant

Goodwill

Patents

9,280

560

2,400

4,000

10,400

4,000

3,000

1,160

34,800

34,800

Both the partners agreed to dissolve the business as on 31.12.2012 to the following purpose:

(a) Vishal agreed to take the Investments at an agreed value of 10,000.

(6) The other assets realised as under:

Stock* 3,200; Debtors 7,400; Plant 6,000.

(c) Realisation Expenses were 2,000.

(d) The Creditors agreed to accept 16,000 in full settlement of their claims.

(e) Goodwill and Patents were taken over by Aman at book values.

One of the worker met with an accident and * 2,500 were payable for his treatment.

Prepare Realisation Account, Cash Account, Partners' Capital Accounts and Partners' Loan

Accounts knowing that the profit was shared in the ratio of 3:1.

21​

Explanation: