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13. Surjit and Rahi were sharing profits (losses) in the ratio of 3:2, their BalanceSheet as on March 31, 2017 is as follows:Balance Sheet of Surjit and Rahi as on March 31, 2017LiabilitiesAmount Assets(Rs.)Creditors38.000 BankMrs. Surjit loan10.000 StockReserve15.000 DebtorsRahi's loan5.000 FurnitureCapital's:PlantSurjit10.000 InvestmentRahi8.000 Profit and Loss11.5006.00019.0004.00028.00010.0007.5001386,00086.000The firm was dissolved on March 31, 2017 on the following terms:1. Surjit agreed to take the investments at Rs. 8,000 and to pay Mrs. Surojit's loan2. Other assets were realised as follows:StockRs. 5.000DebtorsRs. 18,500FurnitureRs. 4,500PlantRs. 25,0003. Expenses on realisation amounted to Rs. 1,600.4. Creditors agreed to accept Rs. 37,000 as a final settlement.You are required to prepare Realisation account, Partner's Capital accountand Bank account.Ans Loss on Realisation Rs. 6.600. Total of Cash Account Rs 64 5001 |
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