Question

to be transferred to his loan
Q.3 X, Y & Z where partners sharing profit and losses in the ratio 3:2:1 on 31st March
2014 their balance sheet was as follows.
Balance sheet as on 31st March 2014
(10)
Liabilities
Amt. O Asset
Amt. o
Sundry Creditors 15400 Land & Building
3500
Bill Payable
3600
Stock
19800
i's Loan A/C
10000 Debtors
15000
Capitals Accounts:
Less : Provision 1000 14000
X
20000 Joint Life Policy
4000
Y
16000 Plant & Machinery 43700
Z
8000
Reserve Funds
12000
85000
85000
The firm was dissolved on 31 st March 2014 and their assets realize as follows:
(I) joint type policy was taken over by Mr. X at a 5000.
(ii) Stock realize rupees 18000 debit rupees 14500 plant and machinery was sold for rupees
36000
(iii) Liabilities where paid in full in addition one bill for 700 rupees under discount were
dishonor and had to be taken up by the firm.
(iv) There were no realization expenses.
Give the journal entries and necessary legalize account to close the book of the firm.​

Answer 1

Answer:

kindly prepare a table and add the required credit on credit side and debit on debit side.

Explanation:

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