Abhay, Bikram and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve their partnership firm on 31st March, 2023. s Balance Sheet on the date of dissolution was as follows:
Balance Sheet of Abhay, Bikram and Chris as at 31st March, 2023
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | |
|---|---|---|---|---|
| Capitals: Abhay Bikram Chris Creditors |
68,000 1,00,000 77,000 |
2,45,000 1,20,000 |
Plant and Machinery Furniture Motor Car Stock Debtors Cash at Bank |
80,000 45,000 1,25,000 30,000 70,000 15,000 |
| Total | 3,65,000 | Total | 3,65,000 | |
The following information is available:
(i) Plant and Machinery was taken over by Abhay at an agreed valuation of Rs. 75,000.
(ii) Furniture realised Rs. 40,000.
(iii) Motor car was taken over by Bikram for Rs. 1,30,000.
(iv) Debtors realised 10% less.
(v) 10% of the stock was taken over by Chris for Rs. 4,500. The remaining stock was sold for Rs. 30,000.
(vi) Realisation expenses amounted to Rs. 5,000.
Prepare Realisation Account.
Marks-6, CBSE: 2023-24/Zone-3/Set-1/Q-23
Answer :
