1.

Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March,2018 at which date their Balance Sheet stood as: Liabilities ₹ Assets ₹ Capital A/cs: Building 45,000 Bale 50,000 Machinery 15,000 Yale 40,000 90,000 Furniture 12,000 General Reserve 8,000 Debtors 8,000 Bale's Loan A/c 3,000 Stock 24,000 Creditors 14,000 Bank 11,000 1,15,000 1,15,000 ​(a) The assets realised were:Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000.(b) Yale took over the Furniture at ₹ 9,000.(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account .(d) Dissolution Expenses amounted to ₹ 2,500.Prepare the:(i) Realisation Account; (ii) Capital Accounts of Partners;(iii) Bale's Loan Account; (iv) Bank Account.

Answer» Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March,2018 at which date their Balance Sheet stood as:















































































Liabilities





Assets





Capital A/cs:





Building



45,000



Bale



50,000





Machinery



15,000



Yale



40,000



90,000



Furniture



12,000



General Reserve





8,000



Debtors



8,000


Bale's Loan A/c 3,000 Stock 24,000
Creditors 14,000 Bank 11,000





1,15,000





1,15,000















(a) The assets realised were:

Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000.

(b) Yale took over the Furniture at ₹ 9,000.

(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account .

(d) Dissolution Expenses amounted to ₹ 2,500.

Prepare the:

(i) Realisation Account; (ii) Capital Accounts of Partners;

(iii) Bale's Loan Account; (iv) Bank Account.


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