Dissolution Of Partnership Firms
6 previous year questions.
High-Yield Trend
Chapter Questions 6 MCQs
A, B, C, and D share profit and loss in the ratio of 4 : 3 : 2 : 1. The partnership was dissolved on 31st March, 2024. The firmβs balance sheet on this date was as follows:
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
|---|---|---|---|
| Creditors | 1,20,000 | Cash at Bank | 8,000 |
| Bills Payable | 20,000 | Bills Receivable | 40,000 |
| Capital A | 80,000 | Debtors | 1,40,000 |
| Capital C | 1,20,000 | Stock | 92,000 |
| Capital B | 40,000 | ||
| Capital D | 20,000 | ||
| Total | 3,40,000 | Total | 3,40,000 |
90% of Book value was realised from Debtors and Bills Receivable. Stock could be sold for βΉ 78,000. Outstanding salary of βΉ 2,000, which was not shown in the Balance Sheet, was also paid. The realisation expenses amounted to βΉ 6,000.
B is insolvent and only βΉ 32,000 could be recovered from him. The rule of Garner v/s Murray shall apply.
Prepare Realisation Account and Partners' Capital Account.
About Dissolution Of Partnership Firms - UP-BOARD-XII
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