X, Y and Z had the following Balance Sheet as on Mar 31, 20 –
|
Liabilities |
Rs |
Assets |
Rs |
|
Creditors |
1,60,000 |
Fixed Assets |
1,60,000 |
|
Loan from Mrs. X (with a charge on stock) |
60,000 |
Debtors |
96,000 |
|
Loan from Mr. X |
40,000 |
Stock |
80,000 |
|
Capital Accounts: |
Cash at Bank |
4,000 |
|
|
X 80,000 |
Loss |
1,20,000 |
|
|
Y 80,000 |
|||
|
Z 40,000 |
2,00,000 |
||
|
4,60,000 |
4,60,000 |
The firm was dissolved. Stock realised Rs 40,000; Fixed assets and debtors realised Rs 1,20,000 in all. The private position of the partners was as follows:
|
X |
Y |
|
|
Rs |
Rs |
|
|
Private Estate |
40,000 |
32,000 |
|
Private Liabilities |
60,000 |
24,000 |
Z was able to pay 50 paise in the rupee what was payable on his own account to the partnership. The partners shared profits and losses in the ratio of 4:3:3 for X, Y and Z, respectively. The loss on realisation is to be determined after considering the amount finally paid to the creditors. You are required to close the books of the firm by preparing the necessary ledger accounts.