X and Y were partners sharing profits and losses in the ratio of 3 : 2 . They decided to dissolve the firm on 31st March,2018 . On that date , their Capitals were X—₹ 40,000 and Y —₹ 30,000. Creditors amounted to ₹ 24,000.Assets were realised for ₹ 88,500. Creditors of ₹ 16,000 were taken over by X at ₹ 14,000. Remaining Creditors were paid at ₹ 76,500. The cost of realisation came to ₹ 500.Prepare necessary accounts.

X and Y were partners sharing profits and losses in the ratio of 3 : 2

1.	X and Y were partners sharing profits and losses in the ratio of 3 : 2 . They decided to dissolve the firm on 31st March,2018 . On that date , their Capitals were X—₹ 40,000 and Y —₹ 30,000. Creditors amounted to ₹ 24,000.Assets were realised for ₹ 88,500. Creditors of ₹ 16,000 were taken over by X at ₹ 14,000. Remaining Creditors were paid at ₹ 76,500. The cost of realisation came to ₹ 500.Prepare necessary accounts.
Answer» X and Y were partners sharing profits and losses in the ratio of 3 : 2 . They decided to dissolve the firm on 31st March,2018 . On that date , their Capitals were X $—$ ₹ 40,000 and Y $—$ ₹ 30,000. Creditors amounted to ₹ 24,000. Assets were realised for ₹ 88,500. Creditors of ₹ 16,000 were taken over by X at ₹ 14,000. Remaining Creditors were paid at ₹ 76,500. The cost of realisation came to ₹ 500. Prepare necessary accounts.

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