Ashwin, Bhavin and Pravin carried on business. They share profits and losses in the ratio of...
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Ashwin, Bhavin and Pravin carried on business. They share profits and losses in the ratio of 5: 3:2 respectively. Their Balance Sheet as on 31st March, 2016 was as under: Balance Sheet as on 31st March, 2016 Liabilities Amount (Rs.)Assets Sundry creditors 42,000 Bhavin's loan 10,000 Reserve fund 40,000 Capital accounts: Ashwin Bhavin Pravin 40,000 20,000 8,000 1,60,000 Amount(Rs.) of the given data, the Plant and machinery40, 000 Investment Stock Debtors 36,000 Less: R.D.D. 2,000 Bank 16,000 60,000 34,000 10,000 1,60,000 1,60,000 1, 60,000 firm was dissolved, and the assets realised were as under: (1) Investment Rs. 10, 000, Stock Rs. 48, 000, and Debtors Rs. 30,000 (2) Plant and machinery were taken over by Ashwin at book value. (3) Sundry creditors and Bhavin's loan were paid in full. (4) Realisation expenses incurred Rs. 2,000. Prepare: (1) Realisation Account (2) Partner's Capital Account (3) Bank Account Ashwin, Bhavin and Pravin carried on business. They share profits and losses in the ratio of 5: 3:2 respectively. Their Balance Sheet as on 31st March, 2016 was as under: Balance Sheet as on 31st March, 2016 Liabilities Amount (Rs.)Assets Sundry creditors 42,000 Bhavin's loan 10,000 Reserve fund 40,000 Capital accounts: Ashwin Bhavin Pravin 40,000 20,000 8,000 1,60,000 Amount(Rs.) of the given data, the Plant and machinery40, 000 Investment Stock Debtors 36,000 Less: R.D.D. 2,000 Bank 16,000 60,000 34,000 10,000 1,60,000 1,60,000 1, 60,000 firm was dissolved, and the assets realised were as under: (1) Investment Rs. 10, 000, Stock Rs. 48, 000, and Debtors Rs. 30,000 (2) Plant and machinery were taken over by Ashwin at book value. (3) Sundry creditors and Bhavin's loan were paid in full. (4) Realisation expenses incurred Rs. 2,000. Prepare: (1) Realisation Account (2) Partner's Capital Account (3) Bank Account
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st edition
Authors: David M. Maloney, William H. Hoffman, Jr. , William A. Raabe, James C. Young
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