Rashmi and Geetha are partners sharing profits and losses in the ratio of 3:2 Their Balance
Sheet as on 31-3-2018 is as follows :
₹ ₹
Sundry Creditors 10,000 Cash at Bank 5,000
Bills Payable 10,000 Bills Receivable 10,000
Rashmi's Loan 5,000 Sundry Debtors 20,000
Reserve Fund 10,000 Stock 15,000
Capitals Machinery 15,000
Rashmi 30,000 Furniture 10,000
Geetha 40,000 70,000 Goodwill 30,000
1,05,000 1,05,000
Balance Sheet as on 31-03-2018
Liabilities Assets
On the above date the firm was dissolved.
a) The assets were realised as follows:
Bills Receivable ₹ 7,500, Sundry Debtors and Stock @ 10% less than the book value,
machinery realized 5% more than the book value, and Goodwill realized for ₹ 12,000.
b)Furniture was taken over by Geetha at ₹ 8,000.
c) Dissolution expenses were ₹ 600.
d)All the liabilities were discharged in full.
Show: i) Realisation A/c
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Answer:see the photo
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The answer was fully explained
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Given: The Balance Sheet of the Firm.
To Prepare: Realization Account, Partners' Capital Account and Cash Account are to be prepared.
Explanation:
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