Question

vii) A, B and C were partners in a firm sharing profits and losses in the ratio of 3:1:1. They
decided to dissolve their business from 31st December, 2018 when their position was as
Prepare a statement showing distribution of cash as per Surplus
and hence
keeper. TH
assets, ext
double en
also know
accountir
Many au
it is app
i) both t
ii) no as
Reasons
Асс
i)
ii)
follows:
Balance Sheet as on 31st December, 2018
Liabilities
Assets
40,000
Capitals :
Machinery
30,000
А
45,000 Stock
15,000
. B
20,000 Debtors
5,000
C
10,000 Goodwill
10,000
Creditors
15,000 Cash
Bank Loan
10,000
1,00,000
1,00,000
It was decided that the realisation should be distributed in their due order at the end of
each calendar month. The gradual realisation of assets and expenses incurred were as
follows:
Date
Assets Realised
Expenses
2019
₹
January
12,000
1,000
February
7,750
750
March
19,000
2,000
April
10,800
800
May
27,900
900
Machinery and Stock having been completely disposed off, it was decided that C should
take over remaining Book Debts at 3,000.
You are required to prepare a statement showing piecemeal distribution of cash as per
Surplus Capital Method.
iv
v)
vi)
TH
transa
stude
3.1
N​

Answer 1

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