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A, B and C in partnership sharing profit...

A, B and C in partnership sharing profits in the ratio of ` 7 : 2 : 1` and the Balance Sheet of the firm as at 31st March , 2019 was :

It was agreed to dissolve the partnership as on 31st March , 2019 and the terms of dissolution were -
(a) A to take over the Building at an agreed amount of ₹ 31, 500.
(b) B , who was to carry on the business , to over the Goodwill , Stock and Debtors at book value , the Patents at ₹ 30,000 and Plant at ₹ 5,000 . He was also to pay the Creditors .
(c) C to take over shares in X Ltd. at ₹ 15 each .
(d) The Shares in Y Ltd. to be dividend in the profit - sharing ratio .
Show Ledger Accounts recording the dissolution in the books of the firm .

Text Solution

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Loss on Realisation - ₹ 3,700 , A brings in - ₹ 28,680 , B brings in - ₹ 47,860 , C Receives - ₹ 77,750 .
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