C and D were equal partners. On Dec 31, 20–, their Balance Sheet was as follows:
|
Liabilities Don't use plagiarized sources. Get Your Custom Essay on
stock and debtors realised rs 47 400 expenses amounted to rs 600 c and d agreed to d 609150
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|
Rs |
Assets |
Rs |
|
C”s Capital Account |
1,50,000 |
Fixed Assets (COST) 2,80,000 |
|
|
D”s Capital Account |
70,000 |
Less: Provision for |
|
|
Depreciation 90.000 |
1,90,000 |
||
|
C”s Loan |
20,000 |
Joint Life Policy |
12,600 |
|
Sundry Creditors |
53,600 |
Stocks |
54,000 |
|
Debtors |
30,000 |
||
|
Cash |
7,000 |
||
|
2,93,600 |
2,93,600 |
On that day they dissolved the firm. Fixed Assets were sold to Beta. Co. Ltd for Rs 2,00,000 payable in the form of 20,000 shares of Rs 10 each. C took over Joint Life Policy at an agreed valuation of Rs 10,000. Stock and debtors realised Rs 47,400. Expenses amounted to Rs 600. C and D agreed to distribute shares in Beta Co. Ltd between themselves in the ratio of their final claims. Sundry Creditors were paid at book value. Prepare Realisation Account, Capital Accounts and Cash Book.
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