The following is the balance Sheet of Gupta and Sharma as on December 31, 2012 Balance Sheet of Gupta and Sharma as on December 31, 2012 Capital and LiabilitiesAmt.AssetsAmt.Sundry Creditors38,000Cash at Bank12,500Mrs. Gupta's Loan20,000Sundry Debtors55,000Mrs. Sharma's Loan30,000Stock44,000Reserve Fund6,000Bills Receivable19,000Provision of Doubtful Debts 4,000Machinery52,000CapitalInvestment38,500Gupta90,000Fixtures27,000Sharma60,000––––––––1,50,000–––––––––– –––––––2,48,0002,48,000 ––––––– ––––––– The firm was dissolved on December 31 2012 and Asset realised and setlements of Liabilities as follows: (a) The realisation of the assets were as follows Sundry Debtors52,000Stock42,000Bills Receivable16,000Machinery49,000 (b) Investment was taken over by Gupta at agreed value of 36,000 and agreed to pay of Mrs Gupta's loan. (c) The Sundry Creditors were paid fo less % discount. (d) The realisation expenses incurred amounted to Rs. 1,200. Journalise the entries to be made on the dissolution and prepare realisation account, bank account and partners capital accounts.

The following is the balance Sheet of Gupta and Sharma as on December

1.	The following is the balance Sheet of Gupta and Sharma as on December 31, 2012 Balance Sheet of Gupta and Sharma as on December 31, 2012 Capital and LiabilitiesAmt.AssetsAmt.Sundry Creditors38,000Cash at Bank12,500Mrs. Gupta's Loan20,000Sundry Debtors55,000Mrs. Sharma's Loan30,000Stock44,000Reserve Fund6,000Bills Receivable19,000Provision of Doubtful Debts 4,000Machinery52,000CapitalInvestment38,500Gupta90,000Fixtures27,000Sharma60,000––––––––1,50,000–––––––––– –––––––2,48,0002,48,000 ––––––– ––––––– The firm was dissolved on December 31 2012 and Asset realised and setlements of Liabilities as follows: (a) The realisation of the assets were as follows Sundry Debtors52,000Stock42,000Bills Receivable16,000Machinery49,000 (b) Investment was taken over by Gupta at agreed value of 36,000 and agreed to pay of Mrs Gupta's loan. (c) The Sundry Creditors were paid fo less % discount. (d) The realisation expenses incurred amounted to Rs. 1,200. Journalise the entries to be made on the dissolution and prepare realisation account, bank account and partners capital accounts.
Answer» The following is the balance Sheet of Gupta and Sharma as on December 31, 2012 $\begin{matrix} Balance Sheet of Gupta and Sharma as on December 31, 2012 \end{matrix}$ $\begin{matrix} Capital and Liabilities & Amt. & Assets & Amt. Sundry Creditors & 38, 000 & Cash at Bank & 12, 500 Mrs. Gupta's Loan & 20, 000 & Sundry Debtors & 55, 000 Mrs. Sharma's Loan & 30, 000 & Stock & 44, 000 Reserve Fund & 6, 000 & Bills Receivable & 19, 000 Provision of Doubtful Debts & 4, 000 & Machinery & 52, 000 Capital & Investment & 38, 500 Gupta & 90, 000 & Fixtures & 27, 000 Sharma & 60, 000 - ------ - & 1, 50, 000 - -------- - & - ----- - 2, 48, 000 & 2, 48, 000 - ----- - & - ----- - \end{matrix}$ The firm was dissolved on December 31 2012 and Asset realised and setlements of Liabilities as follows: (a) The realisation of the assets were as follows $\begin{matrix} Sundry Debtors & 52, 000 Stock & 42, 000 Bills Receivable & 16, 000 Machinery & 49, 000 \end{matrix}$ (b) Investment was taken over by Gupta at agreed value of 36,000 and agreed to pay of Mrs Gupta's loan. (c) The Sundry Creditors were paid fo less % discount. (d) The realisation expenses incurred amounted to Rs. 1,200. Journalise the entries to be made on the dissolution and prepare realisation account, bank account and partners capital accounts.

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