C 10,000 48,500 Furniture 1,200 Sundry assets 20,000 56,000 56,000 It is agreed that: A is to take over all the furniture at Rs. 1,000 and Debtors amounting to Rs.20,200 at Rs.18,000. A also agrees to pay the creditors. B is to take over all the stock at book value and some of the Sundry Assets at Rs. 7,200 (being book value less 10%). C is to take over the remaining Sundry Assets at 90% of the book value and assume responsibility for the discharge of the loan. The remaining debtors were over by a Debt collecting agency at 80% of book value . The expenses of dissolution amounted to rs.200. Prepare Realization Account , Bank Account and Capital Accounts of the partners. Q .4 P,Q and R are partners sharing profits and losses equally. On 31st March, 2002. Their balance sheet stood as follows: Liabilities Amount Assets Amount Bills Payable 16,000 Cash at Bank 15,000 Creditors 1,19,000 Debtors 1,25,000 Loan from Q 25,000 Stock 2,90,000 General Reserve 30,000 Furniture 40,000 P’s current Account 15,000 Machinery 1,20,000 Q’s current Account 15,000 R’s current Account 30,000 P’s capital Account 2,00,000 Q’s Capital Account 1,00,000 R’s capital Account 1,00,000 6,20,000 6,20,000 The firm was dissolved on the above mentioned date. P agreed to pay creditors at par. Q took over the entire furniture for Rs.36,000. The remaining assets were sold for Rs. 5,53,000. Bills payable were retired for a discount Rs. 100 received for payment before the due dates of maturity expenses of dissolution amounted to Rs. 1,200. Prepare important ledger accounts and cash book. The current accounts and the capital accounts may be prepared in columnar form. Q .5 A,B and C are partners sharing profits and losses as to 2:2:1. their Balance sheet as at 30th September 2002 is as follows: Liabilities Amount Assets Amount Sundry creditors 4,000 Bank 5,000
C 10,000 48,500 56,000 Furniture Sundry assets 1,200 20,000 56,000 It is agreed that: A is to take over all the furniture at Rs. 1,000 and Debtors amounting to Rs.20,200 at Rs.18,000. A also agrees to pay the creditors. B is to take over all the stock at book value and some of the Sundry Assets at Rs. 7,200 (being book value less 10%). C is to take over the remaining Sundry Assets at 90% of the book value and assume responsibility for the discharge of the loan. The remaining debtors were over by a Debt collecting agency at 80% of book value . The expenses of dissolution amounted to rs.200. Prepare Realization Account , Bank Account and Capital Accounts of the partners. Q .4 P,Q and R are partners sharing profits and losses equally. On 31st March, 2002. Their balance sheet stood as follows: Liabilities Amount Assets Amount Bills Payable Creditors Loan from Q General Reserve P’s current Account Q’s current Account P’s capital Account Q’s Capital Account R’s capital Account 16,000 1,19,000 25,000 30,000 15,000 15,000 2,00,000 1,00,000 1,00,000 6,20,000 Cash at Bank Debtors Stock Furniture Machinery R’s current Account 15,000 1,25,000 2,90,000 40,000 1,20,000 30,000 6,20,000 The firm was dissolved on the above mentioned date. P agreed to pay creditors at par. Q took over the entire furniture for Rs.36,000. The remaining assets were sold for Rs. 5,53,000. Bills payable were retired for a discount Rs. 100 received for payment before the due dates of maturity expenses of dissolution amounted to Rs. 1,200. Prepare important ledger accounts and cash book. The current accounts and the capital accounts may be prepared in columnar form. Q .5 A,B and C are partners sharing profits and losses as to 2:2:1. their Balance sheet as at 30th September 2002 is as follows: Liabilities Amount Assets Amount Sundry creditors 4,000 Bank 5,000
bcom_notes.docx