Q. A, B and C were partners sharing profits in the ratio of 2 : 2 : 1 . They decided to dissolve their firm on 31st March, 2018 when the Balance Sheet was :
Liabilities
|
Amount
(₹)
|
Assets
|
Amount
(₹)
|
Creditors |
40,000
|
Cash |
40,000
|
Bills Payable |
46,000
|
Debtors |
70,000
|
|
Employees’ Provident Fund |
32,000
|
Furniture |
6,000
|
64,000
|
Mrs. A’s Loan |
38,000
|
Stock |
50,000
|
C’s Loan |
30,000
|
Investments |
60,000
|
Investments Fluctuation Reserve |
16,000
|
Furniture |
42,000
|
Capitals A/cs: |
|
Machinery |
1,36,000
|
A |
1,20,000
|
|
Land |
1,00,000
|
B |
1,00,000
|
|
Goodwill |
30,000
|
C |
1,00,000
|
3,20,000
|
|
|
|
|
|
|
|
5,22,000
|
|
5,22,000
|
|
|
|
|
Following transactions took place :
(a) A took over Stock at ₹ 36,000. He also took over his wife's loan.
(b) B took over half of Debtors at ₹ 28,000.
(c) C took over Investments at ₹ 54,000 and half of Creditors at their book value.
(d) Remaining Debtors realised 60% of their book value . Furniture sold for ₹ 30,000; Machinery ₹ 82,000 and Land ₹ 1,20,000.
(e) An unrecorded asset was sold for ₹ 22,000.
(f) Realisation expenses amounted to ₹ 4,000.
Prepare necessary Ledger Accounts to close the books of the firm.