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X, Y and Z entered into partnership on 1st April, 2016. They contributed capital ₹ 40,000, ₹ 30,000 and ₹ 20,000 respectively and agreed to share profits in the ratio of 3 : 2 : 1. Interest on capital was to be allowed @ 15% p.a. and interest on drawing was to be charged at an average rate of 5%. During the two years ended 31st March, 2018, the firm made profit of ₹ 21,600 and ₹ 25,140 respectively before allowing or charging interest on capital and drawings. The drawings of each partner were ₹ 6,000 per year. On 31st March,2018 the partners decided to dissolve the partnership due to difference of opinion. On that date, the creditors amounted to ₹ 20,000. The assets other than cash ₹ 2,000 realised ₹ 1,21,000. Expenses of dissolution amounted to ₹ 760. Draw up necessary Ledger Account to close the books of the firm.

Answer»

TE YOUR ANSWER ISdissolve the partnership due to difference of opinion. On that DATE, the creditors AMOUNTED to ₹ 20,000. The assets other than cash ₹ 2,000 realised ₹ 1,21,000. Expenses of dissolution amounted to ₹ 760.Draw up necessary LEDGER ACCOUNT to CLOSE the books of the firm.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️



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