Uday and Prabhakar are partners sharing profit and losses in the proportion of 3/5 and 2/5
respectively. They dissolved their partnership firm on 31st March, 2012 when their financial position was as follows:
Balance Sheet as on 31.03.2012
Liabilities ` Assets `
Sundry Creditors
Uday’s Wife Loan
Capital A/C
Uday
Prabhakar
15000
30000
138000
90000
Cash at Bank
Debtors 67500
Less RDD 7500
Stock
Machinery
Furniture
3000
60000
135000
45000
30000
273000 273000
The assets were realized as under:
1) Goodwill `15000; Stock `120000 and Debtors `54000.
2) Machinery was taken over by Prabhakkar at `40000 and Furniture by Uday at book value
3) Uday agreed to discharge is wife loan.
4) The creditors were paid at a rebate of `3000.
The expenses of dissolution amounted to `6000. Give Journal Entries in the books of the firm.
Answers
Answered by
1
Answer:
Prabhakar are partners sharing profit and losses in the proportion of 3/5 and 2/5
respectively. They dissolved their partnership firm on 31st March, 2012 when their financial position was as follows:
Balance Sheet as on 31.03.2012
Liabilities ` Assets `
Sundry Creditors
Uday’s Wife Loan
Capital A/C
Uday
Prabhakar
Answered by
1
kbsos jdksjksbs jssssksbdjff
Similar questions