J, K and L were in partnership sharing profits and losses in the ratio of 2:3:5. They prepared the following Balance Sheet on Dec 31, 2009, when they decided to dissolve:
|
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|
Rs |
Assets |
Rs |
|
Loan from Bank (against the securityofPlant and Machinery) |
75,000 |
Plant and Machinery |
1,50,000 |
|
Loan from Mrs. L (with on charge on stock) |
1,03,750 |
Debtors |
50,000 |
|
Loan from L |
20,000 |
Stock |
1,00,000 |
|
Trade Creditors |
1,01,250 |
Advance to 1 |
20,000 |
|
Capitals: |
Cash |
5,000 |
|
|
J |
30,000 |
Profit and Loss Account (Dr. Balance) |
75,000 |
|
K |
40,000 |
||
|
L |
30,000 |
||
|
4,00,000 |
4,00,000 |
Plant and Machinery, Debtors and stock realised 70%. Prepare the necessary ledger accounts (including loan from Mrs. L Account and Trade Creditors’ Account, after considering the position of partners as follows:
|
J |
K |
L |
|
|
Private Estate |
100000 |
50000 |
50000 |
|
Private liabilities |
38,334 |
85,000 |
46,666 |
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