1.

A, B and C started business on 1st April, 2016 with capitals of ₹ 1,00,000; ₹ 80,000 and ₹ 60,000 respectively sharing profits (losses) in the ratio of 4 : 3 : 3 . For the year ended 31st March, 2017, the firm suffered a loss of ₹ 50,000 . Each of the partners withdrew ₹ 10,000 during the year.On 31st March, 2017, the firm was dissolved, the creditors of the firm stood at ₹ 24,000 on that date and Cash in Hand was ₹ 4,000. The assets realised ₹ 3,00,000 and Creditors were paid ₹ 23,500 in full settlement of their claims .Prepare Realisation Account and show your workings clearly.

Answer» A, B and C started business on 1st April, 2016 with capitals of ₹ 1,00,000; ₹ 80,000 and ₹ 60,000 respectively sharing profits (losses) in the ratio of 4 : 3 : 3 . For the year ended 31st March, 2017, the firm suffered a loss of ₹ 50,000 . Each of the partners withdrew ₹ 10,000 during the year.

On 31st March, 2017, the firm was dissolved, the creditors of the firm stood at ₹ 24,000 on that date and Cash in Hand was ₹ 4,000. The assets realised ₹ 3,00,000 and Creditors were paid ₹ 23,500 in full settlement of their claims .

Prepare Realisation Account and show your workings clearly.


Discussion

No Comment Found

Related InterviewSolutions