Question 3:
PRACTICAL PROBLEMS
Anil and Sunil were partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as on 31st March, 2009.
Balance Sheet as on 31st March, 2009
The firm was dissolved on the above date and the assets realised as under:
1) Stock Rs 20,000, Debtors Rs 60,000, Plant Rs 40,000 and Building Rs 30,000.
2) Anil agreed to pay off the bills payable.
3) Creditors were paid in full.
4) Dissolution expenses were Rs 7,000.
Prepare:
(i) Realisation Account
(ii) Bank Account
(iii) Current Account and Capital Account of the partners.
