The following was the Balance Sheet of C, D and E on Dec 31, 2009.
| Liabilities Don't use plagiarized sources. Get Your Custom Essay on a dividend of 50 paise in the rupee was received from the court receiver prepare rea 609144 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Rs | Assets | Rs |
| Sundry Creditors | 60,000 | Cash | 5,000 |
| Loan on Mortgage of Freehold Property | 8,000 | Debtors | 44,000 |
| C”s Capital Account | 50,000 | Stock in Trade | 46,000 |
| Es Capital Account | 30,000 | Furniture | 10,200 |
| C”s Current Account | 2,000 | Freehold Property | 36,000 |
| Es Current Account | 1,000 | D”s Current Account | 9,800 |
| 1,51,000 | 1,51,000 |
The partners shared profit and losses in the ratio 3:2:3. It was decided to dissolve the partnership as on the date of the Balance Sheet. The assets realised are as follows: Freehold Property 30%; Furniture 80% less; Stock 40%; Debtors 50% less. The realisation expenses amounted to Rs 5,240. The sundry creditors agreed to take 75 paise in the rupee in full satisfaction if D is insolvent. A dividend of 50 paise in the rupee was received from the court receiver. Prepare Realisation Account, Capital and Current Accounts of partners by applying Garner vs.
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