P, Q and R were partners sharing profits and losses in the ratio of 3: 2:1,...

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P, Q and R were partners sharing profits and losses in the ratio of 3: 2:1, no partnership salary or interest on capital being allowed. Their balance sheet on 30th June, 2012 is as follows: Liabilities Assets Fixed Capital POR Q Current Accounts: 5a O P Q Loan from P Trade Creditors 20,000 20,000 10,000 500 9,000 Goodwill Freehold Property Plant and Equipment Stock Trade Debtors You are required to show: 50,000 9,500 8,000 12,400 (a) Cash and Bank Account, Fixed assets: Goodwill Freehold Property Plant and Equipment Motor Vehicle Current Assets Stock Trade Debtors Less: Provision Cash at Bank Miscellaneous losses 2,000 (100) R's Current Account Profit and Loss Account 79,900 On 1st July, 2012 the partnership was dissolved. Motor Vehicle was taken over by Q at a value of * 500 but no cash passed specifically in respect of this transaction. Sale of other assets realised the following amounts: nil 7,000 5,000 3,000 1,600 ₹ 40,000 8,000 12,800 700 (b) Realisation Account, and (c) Partners Fixed Capital Accounts (after transferring Current Accounts' balances). 3,900 1,900 200 Trade Creditors were paid 11,700 in full settlement of their debts. The costs of dissolution amounted to 1,500. The loan from P was repaid, P and Q were both fully solvent and able to bring in any cash required but R was forced into bankruptcy and was only able to bring 1/3 of the amount due. 400 12,000 79,900 P, Q and R were partners sharing profits and losses in the ratio of 3: 2:1, no partnership salary or interest on capital being allowed. Their balance sheet on 30th June, 2012 is as follows: Liabilities Assets Fixed Capital POR Q Current Accounts: 5a O P Q Loan from P Trade Creditors 20,000 20,000 10,000 500 9,000 Goodwill Freehold Property Plant and Equipment Stock Trade Debtors You are required to show: 50,000 9,500 8,000 12,400 (a) Cash and Bank Account, Fixed assets: Goodwill Freehold Property Plant and Equipment Motor Vehicle Current Assets Stock Trade Debtors Less: Provision Cash at Bank Miscellaneous losses 2,000 (100) R's Current Account Profit and Loss Account 79,900 On 1st July, 2012 the partnership was dissolved. Motor Vehicle was taken over by Q at a value of * 500 but no cash passed specifically in respect of this transaction. Sale of other assets realised the following amounts: nil 7,000 5,000 3,000 1,600 ₹ 40,000 8,000 12,800 700 (b) Realisation Account, and (c) Partners Fixed Capital Accounts (after transferring Current Accounts' balances). 3,900 1,900 200 Trade Creditors were paid 11,700 in full settlement of their debts. The costs of dissolution amounted to 1,500. The loan from P was repaid, P and Q were both fully solvent and able to bring in any cash required but R was forced into bankruptcy and was only able to bring 1/3 of the amount due. 400 12,000 79,900