Question

PRACTICAL QUESTIONS
(A) Insolvency of One Partner
The following is the Balance Sheet of A, B and C on 31st March, 2016:
3
Creditors
2,000 Bank
Bank Loan
500 Stock
B/P
500 Plant
Capitals :
₹
Debtors
A
2,500
B/R
B
1,500 4,000 C's Capital-Overdrawn
7,000
₹
500
2,000
2.000
1,000
1,000
500
7,000
C is insolvent, but this partner recover from his private estate 250. It is decided to wind up the partnership
and the assets realised: Stock 7 1,600; Plant 3 1,500; Debtors * 750; Bills Receivable 700. Profits and losses
are divided equally. What would be the position of each partner's account on the winding up of the partnership?
The cost of realisation amounted to 250.
Ans. Realisation Account Loss 1,700; A received * 1,422.92; B7627.08.
1​

Answer 1

Answer:

(b) if constituted to carry out one or more ventures, by the completion ... creditors, loans, bank overdraft, bill payables, etc. ... Balance Sheet of Supriya and Monika as on March 31, 2014.