Question

Prakash and Pratik are Partner's sharing profit in the ratio of 3 : 1. They decided to dissolve the partnership. Their liabilities were-Creditors 7 67,500, loan from Mohan * 30,000, Prakash's Capital * 15,000 and Pratik's Capital * 22,500. Their assets realised 7 1,12,500. Prepared a statement showing the distribution of cash.​

Answer 1

Answer:

7112500-767500-30000=6315000

Prakash's share = 6315000*3/4 = 4736250

Pratik's share = 6315000*1/4 = 1578750