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
10.9k views
in Accounts by (57.7k points)

X, Y and Z entered into partnership on 1st April, 2016. They contributed capital Rs. 40,000, Rs 30,000 and Rs. 20,000 respectively and agreed to share profits in the ratio of 3 : 2 : 1. Interest on capital was to be allowed @ 15% p.a. and interest on drawing was to be charged at an average rate of 5%. During the two years ended 31st March, 2018, the firm made profit of Rs. 21,600 and Rs. 25,140 respectively before allowing or charging interest on capital and drawings. The drawings of each partner were Rs. 6,000 per year. On 31st March,2018 the partners decided to dissolve the partnership due to difference of opinion. On that date, the creditors amounted to Rs. 20,000. The assets other than cash Rs. 2,000 realised Rs. 1,21,000. Expenses of dissolution amounted to Rs. 760. Draw up necessary Ledger Account to close the books of the firm.

1 Answer

+1 vote
by (55.7k points)
selected by
 
Best answer

                                    Cash Account

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.

Categories

...