Скачать или смотреть A, B & C were partners in a firm. A died on 31.3.2018 and the Balance Sheet of the firm on that ....

Chapter 04 II Retirement or Death of a Partner II Accountancy II Class 12th II Practical Question 67 II

A, B and C were partners in a firm. A died on 31st March, 2018 and the Balance Sheet of the firm on that date was as under:

BALANCE SHEET OF A, B AND C as at 31st March, 2018

Creditors 7,000 Cash at Bank 12,000. General Reserve 9,000. Debtors 32,000. Workmen's Compensation Fund 10,000. Furniture 30,000. Profit & Loss Account 6,000. Plant 40,000. Patents 8,000. Capitals:- A 40,000. B 30,000. C 20,000. 90,000.

On A's death it was found that patents were valueless, furniture was to be brought down to 24,000, plant was to be reduced by 10,000 and there was a liability of 7,000 on account of workmen's compensation. Pass the necessary Journal entries for the above at the time of A's death.