Solve this: • - !rtnal Payment)
Q. Arnab, Ragini and Dhrupad are partners sharing profitsintheratioof3:1 On 31stMarch,
2015, they decided to dissolve their firm. on that date their Balance Sheet was as under:
BALANCE SHEET OF ARNAB, RAGINI AND DHRUPAD as at 315t March, 2015
Arnab's Brother's Loan
Investment Fluctuation Fund
Less: Provision for Bad Debts
Profit and Loss Account
The assets were realised and the liabilities were paid as under:
(i) Arnab agreed to pay his brother's loan.
(ii) Investments realised 20% less.
(iii) Creditors were paid at 10% less.
(iv) Building was auctioned for 3,55,000. Commission on auction was 5,000.
(v) 50% of the stock was taken over by Ragini at market price which was 20% less than the
book value and the remaining was sold at market price.
(vi) Dissolution expenses were 8,000. 3,000 were to be borne by the firm and the balance
by Dhrupad. The expenses were paid by him.
(A1 2016 C)
Prepare Realisation Account, Bank Account and Partners' Capital Accounts.
Ans. Loss on Realisation: 1,27,000. Final Payment: ArnabÄ 2,63,800; and
Dhrupad—e Total of Bank Account-æ
. 9. A, B and C were partners sharing profits in the ratio of 3 : 1 : 1. Their Balance Sheet as at