The following was the Balance Sheet of P, Q and R on 31st March, 2018: The partners

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The following was the Balance Sheet of P, Q and R on 31st March, 2018:The partners shared profits and losses in the proportion of 6 : 3 : 5. It was decided to dissolve the partnership as on the date of the Balance Sheet. The assets realised as under: Freehold Property ₹6,000; Furniture 2,000; Stock-in-trade ₹15,000; and Debtors ₹20,000. The expenses on realisation amounted to ₹2,000. The sundry creditors agreed to take 75 paise in the rupee in full satisfaction. It was ascertained that Q has become insolvent. A dividend of 50 p in the rupee was received from the Court Receiver. Write-up the Realisation Account, Bank Account, Capital and Current Accounts of the partners

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Related Book For  answer-question

Financial Accounting Volume II

ISBN: 9789387886230

4th Edition

Authors: Mohamed Hanif, Amitabha Mukherjee

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