Rose and Lily shared profits in the ratio of 2 : 3. Their Balance sheet on March 31, 2006 was as follows Balance Sheet of Rose and Lily As on March 31, 2006 Capital and LiabilitiesAmt.AssetsAmt.Creditors40,000Cash16,000Lily's Loan32,000Debtors80,000Profit and Loss50,000(−)Provision for Doubtful Debts(3,600)––––––––76,400Capital:Inventory1,09,600 Lily1,60,000Bill Receivable40,000 Rose2,40,000Buildings2,80,000 –––––––– ––––––––5,22,0005,22,000 –––––––– –––––––– Rose and Lily decided to dissolve the firm on the above date. Assets (except bills receivables) realised 4,84,000. Creditors agreed to take Rs. 38,000. Cost of realisation was Rs. 2400. There was a Motor Cycle in the firm which was brought out of the firm's Money, was not shown in the Books of the firm. It was not sold for Rs. 10,000 There was a continigent liability in respect of outstanding electric bill of Rs. 5,000. Bill receivable taken over by Rose at Rs. 33,000. Show realisation account, partners' capital account, loan account and cash account.

Rose and Lily shared profits in the ratio of 2 : 3. Their Balance shee

1.	Rose and Lily shared profits in the ratio of 2 : 3. Their Balance sheet on March 31, 2006 was as follows Balance Sheet of Rose and Lily As on March 31, 2006 Capital and LiabilitiesAmt.AssetsAmt.Creditors40,000Cash16,000Lily's Loan32,000Debtors80,000Profit and Loss50,000(−)Provision for Doubtful Debts(3,600)––––––––76,400Capital:Inventory1,09,600 Lily1,60,000Bill Receivable40,000 Rose2,40,000Buildings2,80,000 –––––––– ––––––––5,22,0005,22,000 –––––––– –––––––– Rose and Lily decided to dissolve the firm on the above date. Assets (except bills receivables) realised 4,84,000. Creditors agreed to take Rs. 38,000. Cost of realisation was Rs. 2400. There was a Motor Cycle in the firm which was brought out of the firm's Money, was not shown in the Books of the firm. It was not sold for Rs. 10,000 There was a continigent liability in respect of outstanding electric bill of Rs. 5,000. Bill receivable taken over by Rose at Rs. 33,000. Show realisation account, partners' capital account, loan account and cash account.
Answer» Rose and Lily shared profits in the ratio of 2 : 3. Their Balance sheet on March 31, 2006 was as follows Balance Sheet of Rose and Lily As on March 31, 2006 $\begin{matrix} Capital and Liabilities & Amt. & Assets & Amt. Creditors & 40, 000 & Cash & 16, 000 Lily's Loan & 32, 000 & Debtors & 80, 000 Profit and Loss & 50, 000 & (-) Provision for Doubtful Debts & (3, 600) - ------ - & 76, 400 Capital: & Inventory & 1, 09, 600 Lily & 1, 60, 000 & Bill Receivable & 40, 000 Rose & 2, 40, 000 & Buildings & 2, 80, 000 - ------ - & - ------ - 5, 22, 000 & 5, 22, 000 - ------ - & - ------ - \end{matrix}$ Rose and Lily decided to dissolve the firm on the above date. Assets (except bills receivables) realised 4,84,000. Creditors agreed to take Rs. 38,000. Cost of realisation was Rs. 2400. There was a Motor Cycle in the firm which was brought out of the firm's Money, was not shown in the Books of the firm. It was not sold for Rs. 10,000 There was a continigent liability in respect of outstanding electric bill of Rs. 5,000. Bill receivable taken over by Rose at Rs. 33,000. Show realisation account, partners' capital account, loan account and cash account.

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