X, Y and Z were in partnership sharing profits and losses in the ratio of 2:1:1, respectively. On Dec 31, they decided to dissolve the partnership where their Balance Sheet stood as follows:
|
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the remaining stock was taken over by y at an agreed amount of rs 9 000 the trade cr 609156
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|
Rs |
Assets |
Rs |
|
|
Trade Creditors |
15,000 |
Premises |
1,20,000 |
|
|
Loan (with a charge on premises) |
90,000 |
Furniture |
30,000 |
|
|
Loan from X |
45,000 |
Stock |
2,10,000 |
|
|
General Reserve |
30,000 |
Sundry Debtors |
1,50,000 |
|
|
Capitals: |
Rs |
Cash |
9,000 |
|
|
X |
1,50,000 |
|||
|
Y |
1,20,000 |
|||
|
Z |
69,000 |
3,39,000 |
||
|
5,19,000 |
5,19,000 |
The assets were realised in piecemeal as follows:
Jan 27 Premises: Rs 15,000 (received after meeting in full the liability on the mortgage ban); Sundry debtors – Rs 18,000; Stock – Rs 21,000
Feb 20 Sundry Debtors – Rs 22,500; Stock – Rs 25,500
Mar 25 Sundry Debtors – Rs 60,000; Stock – Rs 69,000
Apr 27 Sundry Debtors – Rs 45,000; Stock – Rs 75,000 and furniture Rs 24,000.
The remaining stock was taken over by Y at an agreed amount of Rs 9,000. The trade creditors were settled for Rs 12,000. The partners distributed cash at the end of every month beginning on Jan 31.
You are required to show the distribution of cash in the form of a statement applying the proportionate capital basis.
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