KINDLY CALCULATE THE AMOUNT COLLECTED FROM THE DEBTORS ONLY (NO NEED TO SOLVE WHOLE QUESTION)
DEBTORS = Rs. 50400
Less pro. = Rs. 2400
net of provision shown in the outer column of balance sheet = 50400 - 2400 = 48000
ASHA,REKHA and ASHOK are partners sharing Profits and Losses in the ratio of 5:3:2 respectively. On March 31, 2007 they decided to dissolve the partnership firm and on that date their Balance Sheet was on follows:
| Balance Sheet as on March 31, 2007 | |||||
| Liabilities | Rs. | Assets | Rs. | ||
| Capital: Asha 96000 Ashok 84000 General Reserve Creditors Bills Payable Mrs. Ashok's loan Investment Fluctuation Fund |
1,80,000 24,000 72,000 24,000 12,000 6,000 |
Cash at Bank Rekha's Capital |
|
12,000 12,000 96,000 |
|
| 3,18,000 | 3,18,000 | ||||
The terms of dissolution are as follows:
| (a) | Rs. 22,800 were paid to a Creditor as against only Rs. 15,600 provided for in the books of Accounts. |
| (b) | There was bad debts of Rs. 8,400 and discount of 10% was allowed to Debtors. |
| (c) | Bills payable were due on an average after 3 months were paid immediately at a discount of 12% p.a. |
| (d) | investment realized Rs. 26,400; Land and Building was sold for Rs. 1,20,000, Stock realized 20% less. |
| (e) | Ashok agreed to pay Mrs. Ashok's loan and took over furniture at Rs. 33,600. |
| (f) | A rebate of 1,200 was given to Bills Receivable and Expenses of dissolution were Rs. 3,600 which were paid by Rekha. |
Prepare Realisation Account, Bank Account and Partners’ Capital Accounts to close the books of firm.
CAclubindia
