Bale and Yale are equal partners of a firm . They decide to dissolve their partnership on 31st March , 2019 at which date their Balance Sheet stood as : (a) The assets realised were : Stock ₹ 22,000 , Debtors ₹ 7,500 , Machinery ₹ 16,000 , Building ₹ 35,000 . (b) Yale took over the Furniture at ₹ 9,000. (c) Bale agreed to accept ₹2,500 in full settlement of his Loan Account . (d) Dissolution Expenses amounted to ₹ 2,500. Prepare the : (i) Realisation Account " " (ii) Capital Accounts of Partners , (iii) Bale's Loan Account , " " (iv) Bank Account .
A and B are partners in a firm sharing profits and losses in the ratio of 2 : 1 . On 31st March ,2019 , their Balance Sheet was : On that date , the partners decide to dissolve the firm . A took over Investments at an agreed valuation of ₹ 35,000 . Other assets were realised as follows : Sundry Debtors : Full amount . The firm could realise Stock at 15% less and Furniture at 20% less than the book value . Building was sold at ₹ 1,00,000 . Compensation to employees paid by the firm amounted to ₹ 10,000 . This liability was not provided for in the above Balance Sheet . You are required to close the books of the firm by preparing Realisation Account , Partner's Capital Accounts and Bank Account .
NCERT-DISSOLUTION OF PARTNERSHIP FIRM-Long Answer Questions
