Question

Shruti, Shilpa and Shreya were partners in a firm sharing profits and losses in
the ratio of 2:2: 1. They decided to dissolve the firm. Their Balance Sheet on
the date of dissolution was as follows:
Balance Sheet as on 31. 3. 2018
Liabilities
Assets
Creditors
30,000 Cash at Bank
6,000
Bills payable
20,000 Debtors
30,000
Shreya's Loan
8,000 Stock
30,000
General Reserve
10,000 Furniture
22,000
Capitals:
Machinery
20,000
Shruti
40,000 Buildings
50,000
Shilpa
30,000
Shreya
20,000
1,58,000
1,58,000
The assets realised as follows:
a) Debtors realised 10% less than the book value, the Stock realised 15%
more Than the book value, Buildings realised 360,000.
b) The Furniture was taken over by Shruti at 20,000.
c) The Machinery was taken over by Shilpa at 15,000.
d) Creditors and Bills Payable were paid off at a discount of 5%.
e) Cost of dissolution amounted to 1,500.
Prepare : i) Realisation Account
ii) Partners Capital Accounts and
iii) Bank Account.
(Ans: Profits on Realization Rs 5,500, Final capital balance paid: Shruti
26,200,Shilpa 21,200, Shreya 23,100 and Bank A/c Total 1,27,500.)
C. Shruti, Shilpa and Shreya were partners in a firm sharing profits and losses in​

Answer 1

Explanation:

retaliation acc

PCA acc

Bank acc