S, T and V shared profit in the ratio of 3:2:1. On December 31, 2016 t

1.	S, T and V shared profit in the ratio of 3:2:1. On December 31, 2016 their Balance Sheet was as follows: LiabilitiesAmount AssetsAmount(Rs)(Rs)Capitals:Plant90,000 S 1,00,000Debtors60,000 T 1,00,000Furniture32,000 V 70,000––––––––2,70,000Stock60,000Creditors 80,000Investments70,000Bills Payable30,000Bills Receivable36,000Cash in Hand32,0003,80,0003,80,000 On this date firm was dissolved. S was appointed to realise the assets. S was to receive 6% of the amount realised on sale of assets. He was also to bear the expenses. S realised the assets as follows: Plant Rs 72,000; Debtors Rs 54,000; Furniture Rs 18,000; Stock 90% of the book value, Investments Rs 76,000 and Bills Receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500. Prepare Realisation Account.
Answer» S, T and V shared profit in the ratio of 3:2:1. On December 31, 2016 their Balance Sheet was as follows: $\begin{matrix} Liabilities & Amount & Assets & Amount (Rs) & (Rs) Capitals: & Plant & 90, 000 S 1, 00, 000 & Debtors & 60, 000 T 1, 00, 000 & Furniture & 32, 000 V 70, 000 - ------ - & 2, 70, 000 & Stock & 60, 000 Creditors & 80, 000 & Investments & 70, 000 Bills Payable & 30, 000 & Bills Receivable & 36, 000 Cash in Hand & 32, 000 3, 80, 000 & 3, 80, 000 \end{matrix}$ On this date firm was dissolved. S was appointed to realise the assets. S was to receive 6% of the amount realised on sale of assets. He was also to bear the expenses. S realised the assets as follows: Plant Rs 72,000; Debtors Rs 54,000; Furniture Rs 18,000; Stock 90% of the book value, Investments Rs 76,000 and Bills Receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500. Prepare Realisation Account.

S, T and V shared profit in the ratio of 3:2:1. On December 31, 2016 their Balance Sheet was as follows: LiabilitiesAmount AssetsAmount(Rs)(Rs)Capitals:Plant90,000 S 1,00,000Debtors60,000 T 1,00,000Furniture32,000 V 70,000––––––––2,70,000Stock60,000Creditors 80,000Investments70,000Bills Payable30,000Bills Receivable36,000Cash in Hand32,0003,80,0003,80,000 On this date firm was dissolved. S was appointed to realise the assets. S was to receive 6% of the amount realised on sale of assets. He was also to bear the expenses. S realised the assets as follows: Plant Rs 72,000; Debtors Rs 54,000; Furniture Rs 18,000; Stock 90% of the book value, Investments Rs 76,000 and Bills Receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500. Prepare Realisation Account.

Answer»

S, T and V shared profit in the ratio of 3:2:1. On December 31, 2016 their Balance Sheet was as follows:

$\begin{matrix} Liabilities & Amount & Assets & Amount (Rs) & (Rs) Capitals: & Plant & 90, 000 S 1, 00, 000 & Debtors & 60, 000 T 1, 00, 000 & Furniture & 32, 000 V 70, 000 - ------ - & 2, 70, 000 & Stock & 60, 000 Creditors & 80, 000 & Investments & 70, 000 Bills Payable & 30, 000 & Bills Receivable & 36, 000 Cash in Hand & 32, 000 3, 80, 000 & 3, 80, 000 \end{matrix}$

On this date firm was dissolved. S was appointed to realise the assets. S was to receive 6% of the amount realised on sale of assets. He was also to bear the expenses. S realised the assets as follows:

Plant Rs 72,000; Debtors Rs 54,000; Furniture Rs 18,000; Stock 90% of the book value, Investments Rs 76,000 and Bills Receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500.

Prepare Realisation Account.

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