A, B and C were equal partners. On 31st March, 2018, their Balance Sheet stood as: The firm was dissolved on the above date on the following terms: (a) For the purpose of dissolution, Investments were valued at ₹ 18,000 and A took over the Investments at this value. (b) Fixed Assets realised ₹ 29,700 whereas Stock and Debtors realised ₹ 80,000. (c) Expenses of realisation amounted to ₹ 1,300. (d) Creditors allowed a discount of ₹ 800. (e) One Bill receivable for ₹ 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm. Prepare Realisation Account, Partner’s Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners.

A, B and C were equal partners. On 31st March, 2018, their Balance She

1.	A, B and C were equal partners. On 31st March, 2018, their Balance Sheet stood as: The firm was dissolved on the above date on the following terms: (a) For the purpose of dissolution, Investments were valued at ₹ 18,000 and A took over the Investments at this value. (b) Fixed Assets realised ₹ 29,700 whereas Stock and Debtors realised ₹ 80,000. (c) Expenses of realisation amounted to ₹ 1,300. (d) Creditors allowed a discount of ₹ 800. (e) One Bill receivable for ₹ 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm. Prepare Realisation Account, Partner’s Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners.
Answer» lisation Account, Partner’s Capital Accounts and Cash Account are calculated and prepared below: Explanation: REALISATION ACCOUNT: Particulars (Dr.)To Stock A/c - Rs. 20,100To Debtors A/c - Rs. 62,600To Investments A/c - Rs. 16,000To Furniture A/c - Rs. 6,500To Building A/c - Rs. 23,500To Cash A/c Expenses - Rs. 1,300Creditors - Rs. 49,600Bills - Rs. 1,500Total = Rs. 52,400Adding all, we get,= 20100 + 62600 + 16000 + 6500 + 23500 + 52400= Rs. 1,81,100Particulars (CR.)By CREDITORS A/c - Rs. 50,400By A's Capital A/c (Investments) - Rs. 18,000By Cash A/c: Furniture and Building - Rs. 29,700Stock and Debtors - Rs. 80,000Total = Rs. 1,09,700By Loss TRANSFERRED to: A's Capital A/c - Rs. 1000B's Capital A/c - Rs. 1000C's Capital A/c - Rs. 1000Total = Rs. 3000Adding all, we get,= 50400 + 18000 + 109700 + 3000= Rs. 1,81,100 As per the Parner's Capital Accounts, The Dr. and the Cr. of P, Q and R will be Rs. 34,000, Rs. 29,000 and Rs. 19,000 respectively. The cash account are calculated and prepared below:

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