Page 239 - VIRANSH COACHING CLASSES

2. Following is the Balance Sheet of Kadam, Shinde and Chavan as on 31st March 2019.
They were sharing Profit and Losses in ratio 1/2, 1/6, 1/3.

Balance Sheet as on 31 st March 2019.
Liabilities Amount ` Assets Amount `
Capital A/c : Building 28,500
Kadam 36,000 Machinery 20,250
Shinde 32,250 Furniture 4,500
General Reserve 18,000 Stock 30,750
Kadam’s Loan 11,250 Debtors 15,000
Sundry Creditors 18,750 Bills Receivable 9,000
Bills Payable 11,250 Bank 4,500
Profit and Loss account 2,250
Chavan’s Capital account 12,750

1,27,500 1,27,500
On the above date the firm was dissolved and the assets realised as under.

1. Building ` 27,000, Machinery ` 18,000, Debtors ` 27,500, and Goodwill ` 1,350
2. Kadam took over Furniture and Stock at ` 30,000 and agreed to pay Cerditors at a discount of
` 750
3. Shinde took over Bills Receivable at ` 7,800 and paid Bills Payable in full.
4. Dissolution expenses amounted to ` 2,400
5. Chavan become insolvent. No amount was recovered from his estate.

Show Realisation Account, Partners Capital Account and Bank Account.

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