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Ans. Loss on Realisation 9,000 Vidhi and Paridhi are partners in a firm. Their Balance Sheet on 31st March, 2018 wa. as follows - Balance Sheet Liabilities Amount Assets Amount Creditors 4.000

Ans. Loss on Realisation 9,000 Vidhi and Paridhi are partners in a firm. Their Balance Sheet on 31st March, 2018 wa. as follows - Balance Sheet Liabilities Amount Assets Amount Creditors 4.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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were partners sharing profits and losses in the ratio of 3: 1. They agreed to dissolve the firm. The assets (Other than cash of 2,000) of the firm realised 1,10,000. The liabilities and other particulars on that date of the firm were as follows: Creditors 40,000 Ashok's Capital (Cr. Balance) Kishore's Capital (Dr. Balance) Profit and Loss A/c (Dr. Balance) Realisation Expenses Creditors were paid in full settlement Prepare Realisation Account 13. Vidhi and Paridhi are partners in a firm. Their Balance Sheet on 31st March, 2018 was 1,00,000 10,000 8,000 1,000 38,000 [ Ans. Loss on Realisation 9,000 ] as follows - Balance Sheet Liabilities Amount Assets Amount Creditors Freehold property 12,000 4,000 4,000 Capital A/cs: Investment Vidhi 12,000 Book Debts 2,000 Paridhi 12,000 24,000 Cash at Bank 10,000 28,000 28,000 Profit and Loss are divided equally among the partners. The partnership firm was dissolved on that date. The creditors were paid at 5% discount. Vidhi agreed to take over the Freehold Property at 14,000 and Paridhi took over the investments at 1,000 & Book Debts at 1,200. Frepare Realisation Account, Partner's Capital A/cs and Bank Account. TAns. Loss on Realisation 1,600, Cash brought by Vidhi 2,800, Cash paid to Paridhi 9,000 ] CAnkita, Muskan and Vaishali are partners sharing profit and loss in the ratio of 3: 2:1. On 31st Dec., 2018 the firm's position was as follows : Balance Sheet Liabilities Amount Assets Amount Creditors Bills Payable 30,800 Cash at Bank 7,000 29 600 7,200 Stock
Transcribed Image Text:were partners sharing profits and losses in the ratio of 3: 1. They agreed to dissolve the firm. The assets (Other than cash of 2,000) of the firm realised 1,10,000. The liabilities and other particulars on that date of the firm were as follows: Creditors 40,000 Ashok's Capital (Cr. Balance) Kishore's Capital (Dr. Balance) Profit and Loss A/c (Dr. Balance) Realisation Expenses Creditors were paid in full settlement Prepare Realisation Account 13. Vidhi and Paridhi are partners in a firm. Their Balance Sheet on 31st March, 2018 was 1,00,000 10,000 8,000 1,000 38,000 [ Ans. Loss on Realisation 9,000 ] as follows - Balance Sheet Liabilities Amount Assets Amount Creditors Freehold property 12,000 4,000 4,000 Capital A/cs: Investment Vidhi 12,000 Book Debts 2,000 Paridhi 12,000 24,000 Cash at Bank 10,000 28,000 28,000 Profit and Loss are divided equally among the partners. The partnership firm was dissolved on that date. The creditors were paid at 5% discount. Vidhi agreed to take over the Freehold Property at 14,000 and Paridhi took over the investments at 1,000 & Book Debts at 1,200. Frepare Realisation Account, Partner's Capital A/cs and Bank Account. TAns. Loss on Realisation 1,600, Cash brought by Vidhi 2,800, Cash paid to Paridhi 9,000 ] CAnkita, Muskan and Vaishali are partners sharing profit and loss in the ratio of 3: 2:1. On 31st Dec., 2018 the firm's position was as follows : Balance Sheet Liabilities Amount Assets Amount Creditors Bills Payable 30,800 Cash at Bank 7,000 29 600 7,200 Stock
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