On Ist January, 2019 they dissolved partnership. Their books at that date show the following : .2. Rama and Shyama were partners, sharing profits and losses as to two-thirds and one-third respectively. Book-Debts 35,000 Bank overdraft 1,560 17,000 Sundry Creditors 9,000 Capitals : 20,000 4,400 Shyama 24,440 Stock Investments 40,000 20,000 Rama Goodwill The stock realised 75 per cent of its book value, and the book debts 27,800. Trade Furniture was sold for < 5,000. Goodwill proved unrealisable. Investments were taken over by Rama for ? 12,000. Prepare Realisation Account, Capital Account and Cash Account. LOSS on Realisation 7 27.850 : Final Payment to Rama 7 9,433 and Shyama ? 10,717). Trade Furniture Sheet ].
On Ist January, 2019 they dissolved partnership. Their books at that date show the following : .2. Rama and Shyama were partners, sharing profits and losses as to two-thirds and one-third respectively. Book-Debts 35,000 Bank overdraft 1,560 17,000 Sundry Creditors 9,000 Capitals : 20,000 4,400 Shyama 24,440 Stock Investments 40,000 20,000 Rama Goodwill The stock realised 75 per cent of its book value, and the book debts 27,800. Trade Furniture was sold for < 5,000. Goodwill proved unrealisable. Investments were taken over by Rama for ? 12,000. Prepare Realisation Account, Capital Account and Cash Account. LOSS on Realisation 7 27.850 : Final Payment to Rama 7 9,433 and Shyama ? 10,717). Trade Furniture Sheet ].
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![.2. Rama and Shyama were partners, sharing profits and losses as to two-thirds and one-third respectively.
On Ist January, 2019 they dissolved partnership. Their books at that date show the following:
Book-Debts
35,000 Bank overdraft
17,000 Sundry Creditors
9,000 Capitals :
1,560
Stock
24,440
Investments
40,000
20,000 Rama
4,400 Shyama
Goodwill
20,000
Trade Furniture
The stock realised 75 per cent of its book value, and the book debts 7 27,800. Trade Furniture was sold
Tor < 5,000. Goodwill proved unrealisable. Investments were taken over by Rama for 7 12,000.
Prepare Realisation Account, Capital Account and Cash Account.
Hint LOSS on Realisation 27.850 : Final Payment to Rama 7 9,433 and Shyama 7 10,717].
Sheet.].](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87a0272b-c6ec-4244-b697-a064724ccf87%2F63697778-bb8b-481a-b22c-6e825072d642%2Fhbmr9c5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:.2. Rama and Shyama were partners, sharing profits and losses as to two-thirds and one-third respectively.
On Ist January, 2019 they dissolved partnership. Their books at that date show the following:
Book-Debts
35,000 Bank overdraft
17,000 Sundry Creditors
9,000 Capitals :
1,560
Stock
24,440
Investments
40,000
20,000 Rama
4,400 Shyama
Goodwill
20,000
Trade Furniture
The stock realised 75 per cent of its book value, and the book debts 7 27,800. Trade Furniture was sold
Tor < 5,000. Goodwill proved unrealisable. Investments were taken over by Rama for 7 12,000.
Prepare Realisation Account, Capital Account and Cash Account.
Hint LOSS on Realisation 27.850 : Final Payment to Rama 7 9,433 and Shyama 7 10,717].
Sheet.].
![• 3. Following was the Balance Sheet as on 31st July, 2019 of the firm of Arun and Aditya who were sharing
profits and losses in the ratio of 3 : 2.
Liabilities
Assets
Creditors
97,500
Land & Building
30,000
18,300
72,800
90,750
33,650
Capitals-
Arun
Motor Vehicles
77,500
58,000
12,500
Stock
Aditya
General Reserve
Debtors
Cash
2,45,500
2,45,500
The partners decided to dissolve the firm on and from the date of Balance Sheet. Motor vehicles and
stocks were sold for cash at 7 16,950 and 77,600 respectively. All debtors accounts were realised in
full. Aditya took over Land and Buildings at an agreed valuation of 43,500. Creditors were paid off
subject to a discount of 7 1,700. Expenses of realisation were 1,250.
Prepare and close Realisation Account, Cash Account and Capital Accounts of partners.
ns. [Profit on Realisation 17,400; Final payment to Arun 7 95,440 & Aditya 26,460].](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87a0272b-c6ec-4244-b697-a064724ccf87%2F63697778-bb8b-481a-b22c-6e825072d642%2Fmeckao_processed.jpeg&w=3840&q=75)
Transcribed Image Text:• 3. Following was the Balance Sheet as on 31st July, 2019 of the firm of Arun and Aditya who were sharing
profits and losses in the ratio of 3 : 2.
Liabilities
Assets
Creditors
97,500
Land & Building
30,000
18,300
72,800
90,750
33,650
Capitals-
Arun
Motor Vehicles
77,500
58,000
12,500
Stock
Aditya
General Reserve
Debtors
Cash
2,45,500
2,45,500
The partners decided to dissolve the firm on and from the date of Balance Sheet. Motor vehicles and
stocks were sold for cash at 7 16,950 and 77,600 respectively. All debtors accounts were realised in
full. Aditya took over Land and Buildings at an agreed valuation of 43,500. Creditors were paid off
subject to a discount of 7 1,700. Expenses of realisation were 1,250.
Prepare and close Realisation Account, Cash Account and Capital Accounts of partners.
ns. [Profit on Realisation 17,400; Final payment to Arun 7 95,440 & Aditya 26,460].
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