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I) A and B are partners in a firm. They share profits and losses in the ratio
of 3:1. Their balance sheet is as follows:
Liabilities
Capital A
B
Reserve
Creditors
Bills Payable
Rs.
80000
40000
40000
60000
20000
240000
Assets
Buildings
Plant
Stock
Debtors
Cash
Rs.
100000
25000
40000
70000
5000
240000
II) Sunil, Devan and Ravi are equal partners in a firm and their balance
sheet as on 31.12.90 is given below.
Liabilities
Capital: Sunil
Devan
Ravi
Reserve
Creditors
Rs.
15000
12000
18000
4500
40500
90000
Assets
Machinery
Furniture
Debtors
Stock
Rs.
43500
1500
30000
15000
90000
II.
Rs.
6500
3500
10000
Assets
Land & Buildings
Stock in trade
Debtors
Cash in hand
Rs.
5500
2000
1000
1500
10000
Rs.
90000
60000
120000
60000
330000
Assets
Cash at Bank
Machinery
Stock
Debtors
Capital accounts:
F
G
Rs.
4500
132000
60000
120000
10500
3000
330000
The firm is dissolved. All assets realized Rs. 246000. The sundry
creditors and bank loan were paid Rs. 177000 in full satisfaction. The
expenses of dissolution are Rs. 1800. G became insolvent and F paid only
Rs. 9000.
Prepare ledger accounts to close the books of the firm.
III.
494000