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On 1st April, 2013, X, Y and Z started business sharing profit and losses in the ratio of 3 : 2 : 1 respectively. They contributed Rs. 1,00,000, Rs. 80,000 and Rs. 40,000 respectively as their capital which was deposited into bank. Each partner withdrew Rs. 15,000 during the year. The firm was dissolved on 31st March, 2014. X took up the stock at an agreed price of Rs. 25,000. Y took up furniture at Rs. 5,000 and Z took up debtors at Rs. 18,500. Creditors were paid off and then remained a balance of Rs. 14,000 in the bank account. Prepare the necessary accounts to show the distribution of cash at bank and of the further cash brought in by any of the partners. |
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Answer» On 1st April, 2013, X, Y and Z started business sharing profit and losses in the ratio of 3 : 2 : 1 respectively. They contributed Rs. 1,00,000, Rs. 80,000 and Rs. 40,000 respectively as their capital which was deposited into bank. Each partner withdrew Rs. 15,000 during the year. The firm was dissolved on 31st March, 2014. X took up the stock at an agreed price of Rs. 25,000. Y took up furniture at Rs. 5,000 and Z took up debtors at Rs. 18,500. Creditors were paid off and then remained a balance of Rs. 14,000 in the bank account. Prepare the necessary accounts to show the distribution of cash at bank and of the further cash brought in by any of the partners. |
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