prakash and pramod are partners sharing equally decided to dissolve firm on 31-3-2012
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Answer:
prakash and pramod are partners sharing equally decided to dissolve firm on 31-3-2012
Answer:
Parag, Prakash and Pramod were in partnership under the name P. Traders. They
decided to dissolve the partnership firm on 31st March, 2020. The Balance Sheet was as
under: (8 Marks)
Balance Sheet as on 31st March, 2020
Liabilities Amt. (`) Assets Amt. (`)
Capital: Furniture 1,02.500
Parag 1,65,000 Investment 50,000
Prakash 1,10,000 Stock 94,000
Sundry Creditors 1,00,000 Debtors 1,06,000
Pramod’s Capital A/c 20,000
Bank 2,500
3,75,000 3,75,000
The result of realisation:
1. Parag agreed to take over investment at an agreed amount of ` 60,000.
2. Debtors realised ` 1,01,000; Stock ` 89,000 and Furniture ` 1,05,000.
3. Creditors were paid at a discount of ` 6,000.
4. Realisation expenses amounted to ` 8,800.
Prepare (1) Realisation Account (2) Capital Accounts of Partners and (3) Bank Account to
close the books of the firm.
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