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:
| Liabilities Don't use plagiarized sources. Get Your Custom Essay on j k and l were in partnership sharing profits and losses in the ratio of 2 3 5 they 609145 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | 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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