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class-12th commerce accountancy question
Answers
Answer:
2.
(Ans. Realisation Profit to A 73,000 and B 21,000, Total Profit - 240.000
Verma and Sharma were partners sharing profits in the ratio of 3 1. On 31-3-2011
their Balance Sheet was as follows:
Balance Sheet of Verma & Sharma (as at 31.3.2011)
Liabilities
Assets
Amount
₹
Amount
3
70.000
Capital :
Verma
Sharma
Creditors
Land and Building
1,20,000
Machinery
80.000 2,00.000 Debtors
70.000 Bank
2.70.000
80.000
60.000
2.70.000
The firm was dissolved on 1-4-2011 and the Assets and Liabilities were setties
follows:
(i) Creditors of 50.000 took over Land and Building in full settlement of their
claim.
(ii) Remaining Creditors were paid in cash.
(iii) Machinery was sold at a depreciation of 30%
(iv) Debtors were collected at a cost of 500
(v) Expenses of realisation were 1.700.