x y and z were partners sharing profit and losses in the ratio of 2 2 1 dissolved th 609136

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:

Liabilities Don't use plagiarized sources. Get Your Custom Essay on x y and z were partners sharing profit and losses in the ratio of 2 2 1 dissolved th 609136 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay	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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