Board Exam Problem for Practice PDF

Q.3. Lal, Bal and Palwere partners sharing profits and losses in the |10] ratio of2:2: 1. The following is the Balance Sheet as on 31st March, 2020. Balance Sheet as on 31" March, 2020 Amount...

Q.3. Lal, Bal and Palwere partners sharing profits and losses in the |10] ratio of2:2: 1. The following is the Balance Sheet as on 31st March, 2020. Balance Sheet as on 31" March, 2020 Amount Assets Amount Amount Liabilities ) () Capital Accounts: Machinery s0,000 Lal 60,000 Investment 24,000 Bal 20,000 Debtors 55,000 Pal 20,000( R.D.D. 3,000 52,000 General reserve 6,000 Stock 20,000 Creditors. 48,000 Profit and Loss A/c 18,000 Bills payable 14,000 Bank 4,000 1,68,000 1,68,000 Page 5 PT.0. 087 On the above date thc partners decided to dissolvc the fim () Asscts were realised as under: Machinery 745,000 Stock ? 18,000 Investment 21,000 Debtors 45,000 (2) Dissolution expenses were 3,000. (3) Goodwill of the firm realised 24,000. Prepare (a) Realisation Account (b) Partners' Capital Account (c) Bank Account OR  Akshad, Aditya and Abha are partners. They share profits and losses equally. Their balance sheet as on 31# March, 2022 was as follows: Balance Sheet as on 31" March, 2022 Amount Amount Liabilities Asset_ ) Creditors 50,500 Machinery $3,000 Reserve fund 22,500 Stock 32,000 Bills payable 15,000 Bills Receivable 47,000 Capital Accounts Cash at Bank 21,000 Akshad 65,000 Debtors 28,000 Aditya 40,000 Less: R.D.D. 3,000 25,000 Abha's Capital 15,000 1,93,000 1,93,000 |o209 Page 4 Scanned with CamScanner On 3| March, 2022 it was decided to dissolve the firm: (|) The assets realised were as follows : Stock 731,000 Machinery 39,500 Bills receivable 741,000 Debtors 727,000 (2) Creditors were paid at adiscount ofT S00 and Bills payable were paid in full. (3) Realisation expenses amounted to 6,600. (4) Abha was declared insolvent and only 3,500 could be recovered from her private property. Prepare : (a) Realisation Account (b) Partners' Capital Account (c) Bank Account