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in Dissolution of Firm by (63.4k points)

Between Ram & Shyam’s partnership was dissolved on 31 March, 2010. Ram’s capital was Rs 17,000 and Shyam’s capital was Rs 3,000, Rs 2,000 was payable to firm by Shyam. Rs 10,000 was payable to Ram by firm. & Payable to creditors Rs 20,000. In the books of firm cash and furniture was Rs 300 & Rs 1,200 shown, they divided profit and loss in 2:1 ratio. Rs 40,000 was realised from the assets representing the above liabilities (except cash and furniture and payale by Shyam Rs 2,000). Furniture was taken by Ram in Rs 800. Liabilities was paid off on Book value. Realisation Exp. were Rs 200. On the dissolution date, prepare Balance
Sheet before dissolution and necessary account on dissolution.

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Balance Sheet (as on March 2010)

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