Sarthaks Test
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On 1st April, 2015, A, B and C commenced business in partnership sharing profits and losses in proportion of 1/2, 1/3 and 1/6 respectively. They paid into their Bank A/c as their capitals Rs.22,000; Rs.10,000 by A, Rs.7,000 by B and Rs.5,000 by C. During the year, they drew Rs.5,000; being Rs.1,900 by A, Rs.1,700 by B and Rs.1,400 by C On 31st March, 2016, they dissolved their partnership, A taking up Stock at an agreed valuation of Rs. 5,000, B taking up Furniture at Rs.2,000 and C taking up Debtors at Rs.3,000. After paying up their Creditors, there remained a balance of Rs.1,000 at Bank. Prepare necessary accounts showing the distribution of the cash at the Bank and of the further cash brought in by any partner or partners as the case required.

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