Question

PI
amot
bin have not opted Computerized Accounting
6(a) State the two circum
le of Gamer vs. Murray can not be applied, State the ha
Maximum Loss Method and Proportionate Capital Method of Piecemeal Distribution
When is it equitable to distribute cash among the in their profit sharing ratio without following Maxi
Proportionate Capital Method of Piecemeal Distribuimong the partners ? [ 2+2+1 - 5 Marks
(b) Following is the Balance Sheet of A,B,C and Dare sharing in the ratio of 3: 3: 2: 2 as at 3 Ist Mare
decided to dissolve the firm:
Liabilities
Assets
Trade Creditors
83.000 Cash at Bank
21.000
A's Loan
18.500 Other Assets
112.000
C's Loan
12.500 B's Drawings
4,000
A's Capital
60,000's Capital
48,000
B's Capital
44,000 D's Capital
13.000
General Reserve
20,000 Profit Loss Ale
10,000
2,38,000
2.38.000
After preparing the Balance Sheet as at 31st March, it was discovered that purchases amounting to 10.000
recorded in books, though the goods were received during March. Other Assets realized 68,000. B was appor
assets and to pay off the liabilities. He was entitled to receive 5% commission on the amount finally paid
capital. He was to bear 15% of realisation expenses. Expenses of realisation amounted to 10.000. Calculate the
to B if Rule of Gamer vs Murray is to be applied and the private position of the partners was as follows:
Particulars
B
C
D
Private Estate (R)
1.00.000
2,00.000
3,00,000
4,00,000
Private Liabilities()
75.000
1,75.000
2,97,500
3,70,000
Required: Prepare Realisation A/c, Partners' Capital A/es and Bank A/c (4+6+3.33-13.33 Marks/​

Answer 1

Answer:

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