Question

Q. 13. Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March,
2016:
Liabilities
Assets
Capitals :
Goodwill
4,000
Ramji Lal
16,000 Machinery
6,000
Panna Lal
10,000 Plant
12,800
Reserves
3,600 Debtors
10,800
Workmen Compensation Reserve 2,000 Less : Provision
800 10,000
Creditors
5,400 Bank
6,800
Bills Payable
2,600
39,600
39,600
They decided to dissolve the firm. Assets are realised as follows:
(1) Machinery 10% less than book value; Plant 12,500 and Goodwill 32,520.
(ii) Ramji Lal is to take over Debtors amounting to 36,800 at 76,000, remaining
Debtors were realised for 90% of the book value.
(iii) One bill for 7600 under discount having been dishonoured had to be taken up by
them.
(iv) The Bill payable of 72,600 to be assumed by Panna Lal at that figure.
(v) Creditors are paid off at a discount of 10%.
(vi) An amount of 2,500 had to be paid for Workmen Compensation,
(vii) The liquidation expenses amounted to 400.
You are required to show the Realisation Account, Capital Accounts and Bank
Account​

Answer 1

Answer:

realisation a/c

Explanation:

amount paid to ramji lal- rs 9,930 /- and to panna lal paid is rs 12,530/-. total of bank a/c rs 30,820