Dk goel vol 1 chapter 5 question 7

Dk goel vol 1 chapter 5 question 7 DISSOLUTION Of A PARTNERSHIP FIRM 's Capital B's Capital 250,000 Doubtful Debts 10.000 i .70,D00 Investments Plant & Machinery I , 4, Partners decide to dissolve the firm on the above date. Assets an] liabilities realised as tallows : (i) Plant & Machinery was taken over by,' at orthe book value. (ii) Investments were taken over by B at 120%. (iii) Sundry Creditors were paid off by giving them stock at 75% ofthe book value and the balance in cash. (iv) Debtors realised 20% less of the amount due from them. (v) A's loan was paid off with interest lör six months. (vi) Realisation expenses amounted to 1,000. You are required to prepare : (a) Realisation Account (h) Ws Loan Account and B's Loan Account (c) Partner's Capital Accounts, and (d) Bank Account. [A Loss on Realisation 10,000; Final Payment to A ao,ooo and B CIO,OOO; Total of Bank Account e : Payment to Sundry Creditors {60.000. '3. S. A. B and C were in partnership sharing profits in the ratio of 2 : I : • . Their Ralnnce Sheet showed the fbllowing position on the date of dissolution

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