P, Q, R and S were in partnership sharing profits at 4:3:2:1. Their position on Dec 31, 2009 was as follows:
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p q r and s were in partnership sharing profits at 4 3 2 1 their position on dec 31 609139
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|
Rs |
Assets |
Rs |
|
Capitals: |
Sundry Assets |
96,000 |
|
|
P 21,000 |
Loss to Date |
45,000 |
|
|
Q 24,000 |
Q”s Drawings |
12,000 |
|
|
R 12,000 |
S”s Drawings |
3,000 |
|
|
S 9,000 |
66,000 |
||
|
Creditors |
90,000 |
||
|
1,56,000 |
1,56,000 |
They decided to dissolve the firm on this date. The assets realised Rs 81,000. P and Q are both insolvent. Q’s private assets amount to Rs 24,000 and his private liabilities Rs 21,000. S’s private assets are Rs 18,000 and his private liabilities are Rs 3,000. Show the relevant accounts assuming that all the transactions are put through on Mar 31 and that Q’s estate realised only Rs 12,000 and S’s estate realised Rs 15,000.
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