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Ashu and Harish are partners sharing pro...

Ashu and Harish are partners sharing profits and losses as ` 3 : 2 ` . They decided to dissolve the firm on 31st March 2019. Their Balance Sheet on the above date was :

Ashu is to take over the building at ₹ 95,000 and Machinery and Furniture is taken over by Harish at value of ₹ 80,000 . Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft . Stock and investments are taken by both partner in profit-sharing ratio. Debtors realised for ₹ 46,000 , expenses of realisation amounted to ₹ 3,000 . Prepare necessary Ledger Accounts .

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Gain (Profit) on Realisation - ₹6,000 , Final Payments , Ashu - ₹ 56,600 . Amount brought in by Harish- ₹ 5,600 , Total of Cash Account - ₹ 59,600.
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Ashu and Harish are partners sharing profit and losses as 3:2. They decided to dissolve the firm on December 31, 2017. Their balance sheet on the above date was: Ashu is to take over the building at Rs. 95,000 and Machinery and Furniture is take over by Harish at value of Rs. 80,000. Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft. Stock and Investments are taken by both partner in profit sharing ratio. Debtors realised for Rs. 46,000, expenses of realisation amounted to Rs. 3,000. Prepare necessary ledger account.

X and Y were partners sharing profits and losses in the ratio of 3 : 2 . They decided to dissolve the firm on 31st March , 2019 . 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 ₹ 7,500 . The cost of realisation came to ₹ 500 . Prepare necessary accounts .

A , B and C were partners sharing profits in the ratio of 2: 2 :1 . They decided to dissolve their firm on 31st March , 2019 when the Balance Sheet was : Following transactions took place : (a) A took over Stock at ₹ 36,000 . He also took over his wife's loan . (b) B took over half of Debtors at ₹ 28,000. (c) C took over investments at ₹ 54,000 and half of Creditors at their book value. (d) Remaining Debtors realised 60% of their book value. Furniture sold for ₹ 30,000 , Machinery ₹ 82,000 and Land ₹ 1,20,000. (e) An unrecorded asset was sold for ₹ 22,000 . (f) Realisation expenses amounted to ₹ 4,000 . Prepare necessary Ledger Accounts to close the books of the firm.

Vinod , Vijay and Venkat are partners sharing profits and losses in the ratio of 3 : 2 :1 . They decided to dissolve their firm on 31st March 2019 , the date on which their Balance Sheet stood as : The following additional information is given : (a) The Investments are taken by Vinod for ₹ 5,000 in settlement of his loan {:((b) , "Assets realised as follows:" ,, "₹"), (,"Stock",, 17","500), (,"Debtors",, 14","500), (,"Furniture" ,, 6","800), (,"Machinery",, 30","300):} (c) Expenses on realisation amounted to ₹ 2,000. Close the books of the firm giving relevant Ledger Accounts.

Anju, Manju and Sanju sharing profit in the ratio of 3:1:1 decided to dissolve their firm. On March 31, 2014 their position was as follows: It is agreed that: 1. Anju takes over the Furniture at Rs.10,000 and Debtors amounting to Rs.2,00,000 at Rs.1,85,000. Anju also agrees to pay the creditors, 2. Manju is to take over Stock at book value and Buildings at book value less 10%, 3. Sanju is to take over remaining Debtors at 80% of book value and responsibility for the discharge of the loan, 4. The expenses of dissolution amounted to Rs.2,200. Prepare Realisation Account, Bank Account and Capital Accounts of the partners.

Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3 : 2 . They decided to dissolve their partnership firm on 31st March 2018 . Pradeep was deputed to realise the assets and to pay off the liabilities . He was paid ₹ 1,000 as commission for his services . The financial position of the firm on 31st March , 2018 was as follows : Following terms and conditions were agreed upon : (a) Pradeep agreed to pay off his wife loan . (b) Half of the debtors realised ₹ 12, 000 and remaining debtors were used to pay off 25% of the creditors. (c) Investment sold to Rajesh for ₹ 27,000 . (d) Building realised ₹ 1, 52, 000 . (e) Remaining creditors were to be paid after two months , they were paid immediately at 10% p.a discount . (f) Bills receivables were settled at a loss of ₹ 1,400 . (g) Realisation expenses amounted to ₹ 2,500. Prepare Realisation 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 .

A and B are partners in a firm sharing profits and losses in the ratio of 3: 2 . On 31st March , 2019, their Balance Sheet was as follows : The firm was dissolved on 31st March , 2019 , and both the partners agreed to the following : (a) A took investments at an agreed value of ₹ 8,000 . He also agreed to settle Mrs. A's Loan. (b) Other assets realised as : Stock - ₹ 5,000 , Debtors - ₹ 18,500 , Furniture - ₹ 4, 500 , Plant - ₹ 25,000. (c) Expenses of realisation came to ₹ 1,600 . (d) Creditors agreed to accept ₹ 37,000 in full settlement of their claims . Prepare Realisation Account , Partner's Capital Accounts and Bank Account .

(Dissolution and Unrecorded Asset) X, Y and Z who were sharing profits in the ratio of 3 : 2 : 1 decided to dissolve the firm on 31st March , 2019 when their Balance Sheet was as follows : Following transactions took place at the time of dissolution : Assets realised are : Tools ₹ 5,000 , Machinery ₹ 82, 000 , Car ₹ 25,000 , Goodwill ₹ 60,000 , Debtors ₹ 59,000 . Creditors accepted Stock in settlement of their dues. There was an unrecorded asset valued at ₹ 3,000 , which was taken by X for ₹ 2,000 . There was an old furniture which had been written off from the books . Y agreed to take it at ₹8,000 . Firm had to pay ₹ 8,000 for outstanding salary which were not provided earlier . Prepare Realisation Account , Partners' Capital Accounts and Cash Account .

TS GREWAL-DISSOLUTION OF A PARTNERSHIP FIRM-Realisation Account , Partner s Capital Accounts and Bank/Cash Account
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