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Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2019 at which date their Balance Sheet stood as: Liabilities ₹ Assets ₹ Capital A/cs: Building 45,000 Bale 50,000 Machinery 15,000 Yale 40,000 90,000 Furniture 12,000 General Reserve 8,000 Debtors 8,000 Bale's Loan A/c 3,000 Stock 24,000 Creditors 14,000 Bank 11,000 1,15,000 1,15,000 (a) The assets realised were:Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000.(b) Yale took over the Furniture at ₹ 9,000.(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account.(d) Dissolution Expenses amounted to ₹ 2,500.Prepare the:(i) Realisation Account; (ii) Capital Accounts of Partners;(iii) Bale's Loan Account; (iv) Bank Account. |
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Answer» Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2019 at which date their Balance Sheet stood as:
(a) The assets realised were: Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000. (b) Yale took over the Furniture at ₹ 9,000. (c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account. (d) Dissolution Expenses amounted to ₹ 2,500. Prepare the: (i) Realisation Account; (ii) Capital Accounts of Partners; (iii) Bale's Loan Account; (iv) Bank Account. |
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