Question

Q.1. Manu and Kanu were partners in a firm sharing profits and losses in the ratio of 2:3. On 31st March 2017
their Balance Sheet was as follows:
Liabilities
Amount Assets
Amount
Creditors
80,000 Cash at Bank
20,000
Bank Overdraft
50,000 Debtors
55,000
Manu's Brother's Loan
77,000
Less: Provision for
Kanu's Loan
28,000 Doubtful Debts
2,000 53,000
Investment Fluctuation Fund 15,000 Stock
78,000
Capitals:
Investments
89,000
Manu
1,50,000
Buildings
2,50,000
Kanu
1,00,000 2,50,000 Profit and Loss A/C
10,000
5,00,000
5,00,000
On the above date the firm was dissolved. The assets were realized and the liabilities were paid off as follows:
(a) Debtors of 6,000 were proved bad.
(b) Manu agreed to pay off his brother's Loan
(d) Buildings were auctioned for 71,80,000 and the auctioneer's commiss ounted to 8,000
(e) Kanu took over part of stock at 4,000 (being 20% less than the book value). Balance of the Stock was handed
over to the remaining creditors in full settlement of their account.
(f) Investments realized 9,000 lessen
(9) Realisation expenses amounted to * 17,000 and were paid by Kanu.
Prepare Realisation Account, Partners' Capital Accounts and Bank Account.
(8)
One of the creditors tor 10.000 was paid only 3.000 in full sertlement of his account. CE

Answer 1

Explanation:

just change the digits

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