X, Y and Z were partners sharing profit and losses in the ratio of 2:2:1 dissolved the firm on Dec 31, 2009, whose Balance Sheet on that date was as follows:
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|
Rs |
Assets |
Rs |
|
Sundry Creditors |
40,600 |
Cash at Bank |
9,000 |
|
General Reserve |
20,000 |
Stock |
52,000 |
|
Joint Life Policy Reserve |
16,000 |
Debtors 20,000 |
|
|
Capital Accounts: |
Less: Provision 1.000 |
19,000 |
|
|
X |
50,000 |
Joint Life Policy |
22,000 |
|
Y |
30,000 |
Furniture |
20,000 |
|
Z |
26,000 |
Premises |
60,600 |
|
1,82,600 |
1,82,600 |
Note: There is a bill for Rs 10,000 under discount. The bill was received from “A.”
The assets except Cash at Bank and Joint Life Policy were sold to a company which paid Rs 1,74,000 in cash. The Joint Life Policy was surrendered @ 110%. “A” proved insolvent and a dividend of 50% was received from his estate. Sundry Creditors were paid 95% in full settlement. The realisation expenses amounted to Rs 8,030.
You are required to prepare the Realisation Account, Cash Book and Partner’s Capital accounts.
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