Question

TIepare necessary Dissolution Accounts in the books or E "
(v) Treatment of Joint Life Policy:
14. Yesterday, Today and Tomorrow v
ay and Tomorrow were partners in a firm sharing profits and losses in the ran ef
They decided to dissolve their firm w
ed to dissolve their firm with effect from December, 31, 2017, the Balance Shoab
date was as follows :-
Liabilities
Assets
Loan on Mortgage
20,000 Machinery
Creditors
25,000 Stock
Joint Life Policy Reserve
12,000 Debtors
30,000
Capital A/cs :
Less : Provision
1.5),
Yesterday
45,000
Joint Life Policy
Today
30,000
Patents
Tomorrow
15,000 90,000 Cash at Bank
1,47,000
Additional information in connection with the dissolution was as follows:-
(a) Joint Life Policy was surrendered and Insurance Company paid a sum of 18,000;
(b) Today took some of the Patents at 3,500 whose book value was 5,000;
(c) The remaining assets realised as follows :
Machinery 30,000; Stock 15,500; Debtors * 25,500; Patents 50% of the book value.
(d) Liabilities were paid and discount of * 1,250 was allowed by the Creditors.
(e) Expenses of dissolution amounted to 1,500.
Show the necessary Accounts to close the books of the firm.
C.U. & V.U
and Antonu were in partnership sharing profits and losses in the ratio of 3:​

Answer 1

Answer:

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