Kamal, Vimal and Sunil were partners sharing profits and losses in the ratio of 5:3:2, respectively. Their Balance Sheet as on Mar 31, 2010 was as follows:
| Liabilities Don't use plagiarized sources. Get Your Custom Essay on sundry creditors to the extent of rs 500 were paid in full the total payment to sund 609142 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Rs | Assets | Rs | ||
| Sundry Creditors | 1,15,000 | Furnitureand Fixtures | 30,000 | ||
| General Reserves | 50,000 | Stock | 1,30,000 | ||
| Capital Accounts: | Debtors | 2,00,000 | |||
| Kamal | 1,00,000 | Less: Provision for Bad Debts | 10.000 | 1,90,000 | |
| Vimal | 80,000 | Cash | 10,000 | ||
| Sunil | 15,000 | 1,95,000 | |||
| 3,60,000 | 3,60,000 |
The firm was dissolved on that date. Assets realised as follows:
Furniture and Fixtures: Rs 10,000; Stock: Rs 1,00,000; Debtors: Rs 1,20,000.
Sundry creditors to the extent of Rs 500 were paid in full. The total payment to sundry creditors was Rs 1,04,500. It was found that there was a liability of Rs 30,500 for damages which had also to be paid.
Winding up expenses amounted to Rs 10,000. Sonal became insolvent and he could pay only 20 paise in a rupee.
Prepare ledger accounts to close the books of the firm following Garner vs. Murray rule.
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