Chapter-5 Dissolution of Partnership Firm Assignments 1
The following is the Balance sheet of Tanu and Manu, who shares profit and losses in the ratio of 5:3, On December 31,2006:
Balance Sheet of Tanu and Manu as on December 31, 2006
|
|
Liabilities
|
Amount
Rs
|
Assets
|
Amount
Rs
|
Sundry Creditors
|
|
62,000
|
Cash at Bank
|
16,000
|
Bills Payable
|
|
32,000
|
Sundry Debtors
|
55,000
|
Bank Loan
|
|
50,000
|
Stock
|
75,000
|
Reserve fund
|
|
16,000
|
Motor car
|
90,000
|
Capital:
|
|
|
Machinery
|
45,000
|
Tanu
|
1,10,000
|
|
Investment
|
70,000
|
Manu
|
90,000
|
2,00,000
|
Fixtures
|
9,000
|
|
|
3,60,000
|
|
3,60,000
|
|
|
|
|
|
|
|
|
|
|
|
On the above date the firm is dissolved and the following agreement was made: Tanu agree to pay the bank loan and took away the sundry debtors. Sundry creditors accepts stock and paid Rs 10,000 to the firm. Machinery is taken over by Manu for Rs 40,000 and agreed to pay of bills payable at a discount of 5%.. Motor car was taken over by Tanu for Rs 60,000. Investment realized Rs 76,000 and fixtures Rs 4,000. The expenses of dissolution amounted to Rs 2,200.
Prepare Realisation Account, Bank Account and Partners Capital Accounts.
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