Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve teh partnership of the december 31, 2012, when the balance sheet of the firm as under Balance Sheet Of Ashok, Babu and Chetan As on December 31, 2012 LiabilitiesAmt.AssetsAmt.Sundry Creditors20,000Bank 7,500Bills Payable25,500Sundry Debtors58,000Babu's Loan30,000Stock39,500CapitalMachinery48,000Ashok70,000Investment42,000Babu55,000Freehold Property50,500Chetan27,000––––––––1,52,000Current AccountsAshok10,000Babu5,000Chetan3,000––––––18,000 –––––– ––––––2,45,5002,45,500 The Machinery was taken over by Babu for Rs. 45,000. Ashok took over the Investment for Rs. 40,000 and freehold property took over by Chetan At Rs. 55,000 The remaining Assets realised as follows Sundry Debtors Rs. 56,500 and Stock Rs. 36,500. Sundry creditors were settled at discount of 7%. A office computer, Not shown in the bookis of accounts realised Rs. 9,000. realisation expenses amounted to Rs. 3,000. Prepare realisation account, partners capital account, bank account.

Ashok, Babu and Chetan are in partnership sharing profit in the propor

1.	Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve teh partnership of the december 31, 2012, when the balance sheet of the firm as under Balance Sheet Of Ashok, Babu and Chetan As on December 31, 2012 LiabilitiesAmt.AssetsAmt.Sundry Creditors20,000Bank 7,500Bills Payable25,500Sundry Debtors58,000Babu's Loan30,000Stock39,500CapitalMachinery48,000Ashok70,000Investment42,000Babu55,000Freehold Property50,500Chetan27,000––––––––1,52,000Current AccountsAshok10,000Babu5,000Chetan3,000––––––18,000 –––––– ––––––2,45,5002,45,500 The Machinery was taken over by Babu for Rs. 45,000. Ashok took over the Investment for Rs. 40,000 and freehold property took over by Chetan At Rs. 55,000 The remaining Assets realised as follows Sundry Debtors Rs. 56,500 and Stock Rs. 36,500. Sundry creditors were settled at discount of 7%. A office computer, Not shown in the bookis of accounts realised Rs. 9,000. realisation expenses amounted to Rs. 3,000. Prepare realisation account, partners capital account, bank account.
Answer» Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve teh partnership of the december 31, 2012, when the balance sheet of the firm as under $\begin{matrix} Balance Sheet Of Ashok, Babu and Chetan \end{matrix}$ $\begin{matrix} As on December 31, 2012 \end{matrix}$ $\begin{matrix} Liabilities & Amt. & Assets & Amt. Sundry Creditors & 20, 000 & Bank & 7, 500 Bills Payable & 25, 500 & Sundry Debtors & 58, 000 Babu's Loan & 30, 000 & Stock & 39, 500 Capital & Machinery & 48, 000 Ashok & 70, 000 & Investment & 42, 000 Babu & 55, 000 & Freehold Property & 50, 500 Chetan & 27, 000 - ------ - & 1, 52, 000 Current Accounts Ashok & 10, 000 Babu & 5, 000 Chetan & 3, 000 - ---- - & 18, 000 - ---- - & - ---- - 2, 45, 500 & 2, 45, 500 \end{matrix}$ The Machinery was taken over by Babu for Rs. 45,000. Ashok took over the Investment for Rs. 40,000 and freehold property took over by Chetan At Rs. 55,000 The remaining Assets realised as follows Sundry Debtors Rs. 56,500 and Stock Rs. 36,500. Sundry creditors were settled at discount of 7%. A office computer, Not shown in the bookis of accounts realised Rs. 9,000. realisation expenses amounted to Rs. 3,000. Prepare realisation account, partners capital account, bank account.

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