Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
813 views
in Dissolution of Partnership by (25.6k points)
closed by

A, B & C are partners sharing profit and losses in the ratio of 5:3:2. Their Balance Sheet as on 31st March 2015 was as follows:

Balance Sheet of A, B & C as on 31st March 2015

The firm was dissolved on that date. Prepare realization account with the following information:

1) Building realized for Rs. 1,20,000; Bills receivables realized for Rs. 70,000; Stock realized for Rs.40,000 and Machinery sold for Rs.33,000 and furniture Rs.60,000. 

2) Bank loan was settled for Rs.70,000; Creditors and bills payable were settled at 10% discount. 

3) Realisation expenses Rs.1,500.

1 Answer

+1 vote
by (27.3k points)
selected by
 
Best answer

Realisation A/c

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

...