Скачать или смотреть DISSOLUTION OF FIRM (PYQ'S) CBSE Class-12 accounts Part-2

DISSOLUTION OF FIRM (PYQ'S) CBSE Class-12 accounts Part-2

Instagram Link :

https://www.instagram.com/manojsharma...

Michael, Jackson and John were partners in a firm sharing profits in the ratio of 3:1:1. On 31st March, 2017, they decided to dissolve their firm. On that date their Balance

Sheet was as follows:

BALANCE SHEET OF MICHAEL, JACKSON AND JOHN as at 31st March, 2017

Liabilities

₹

Assets

₹

Creditors

11,500

Bank

6,000

Loan

3,500

Debtors

48,400

Capitals:

Less: Provision for Doubtful Debts

2,400

46,000

Michael

50,000

Stock-in-Trade

Furniture

16,000

Jackson

25,000

2,000

John

14,000

89,000

Sundry Assets

34,000

1,04,000

1,04,000

It was agreed that:

(i) Michael was to take over Furniture at 2,600 and Debtors amounting to 40,000 at 34,400 and the Creditors of 10,000 were to be paid by him at this figure.

(ii) Jackson was to take over all the stock in trade at 14,000 and some of the other Sundry Assets at 28,800 (being 10% less than book value).

(iii) John was to take over the remaining Sundry Assets at 90% of the book value and assumed the responsibility for the discharge of the loan.

(iv) The remaining debtors were sold to a debt collecting agency for 50% of the book value. The expenses of dissolution 600 were paid by John.

Prepare Realisation Account,

(CBSE 2019)

#msacademyaccounts
#accounts
#dissolution