Question

The following is the Balance Sheet of Swara and Swaraj as on 31st March 2018. Cr. Balance Sheet as on 31st March 2018. at Amount Capital Account: Swara Swaraj 00 General Reserve Swara's Loan A/C Creditors Bills Payable Liabilities Assets Amount Fumiture 6,000 6.000 Patents 1,200 5,000 Goodwill 2.000 2,000 Debtors 3,800 2,000 Less : R. D. D. 200 3.600 3,000 Stock 5.000 1,000 Bank 1,200 19,000 19,000 on 1st April 2018 the firm was dissolved. Swara took over Patents at a value of 2,000. The assets were realisaed as under: Furniture 7,000, Goodwill * 3,000, Stock 7 4,000 and Debtors 3,000. 3. Creditors were paid off at a discount of 10% and other liabilities were paid in full. • Expenses for realisation amounted to 1,500 which is borne by Swaraj Prepare Realisation A/c, Partnes' Capital A/c and Bank A/c​

Answer 1

You should prepare tbe balance sheet of swara and swaraj as mentioned in the question.

Creditors were paid of 10% so the balance sheet should be filled accordingly. Expenses for realisation amounted to 1500 which is borne by swaraj prepare realisation account.

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Answer 2

Answer:

first create realisation account