A, B and C are partners in a firm sharing profits and losses in the ratio 2:2:1. TheiTheir balance sheet as at 31st March, 2018 was as follows -
Balance Sheet of A, B and C as at 31st March, 2018
Liabilities |
(₹) |
Assets |
(₹) |
Capitals : |
|
Cash at Bank |
300000 |
A 750000 |
|
Sundry Debtors 195000 |
|
B 300000 |
|
Less - Bad Debts 5000 |
190000 |
C 250000 |
1300000 |
Stock |
300000 |
Creditors |
200000 |
Fixed Assets |
710000 |
|
1500000 |
|
150000 |
|
|
|
|
|
|
|
|
On the above date, they dissolved the firm and following amt.s were realized :
Fixed Assets - ₹675000
Stock - ₹339000
Debtors - ₹135000
Creditors were paid ₹185000 in full settlement of their claim.
Expenses on realisation amounted to ₹19000.
Pass the necessary journal entries on the dissolution of the firm
Plz anyone help me out with this question. . .