Sonia and Rohit were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023 their Balance Sheet was as follows:
Balance Sheet of Sonia and Rohit as at 31st March, 2023
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
|---|---|---|---|---|
| Capitals : | Building | 2,00,000 | ||
| Sonia | 70,000 | Machinery | 1,40,000 | |
| Rohit | 90,000 | 1,60,000 | Furniture | 80,000 |
| General Reserve | 80,000 | Debtors | 1,20,000 | |
| Sonia’s Loan | 1,30,000 | Stock | 60,000 | |
| Bank Loan | 2,20,000 | Cash at Bank | 60,000 | |
| Creditors | 70,000 | |||
| 6,60,000 | 6,60,000 | |||
The firm was dissolved on the above date on the following terms:
(i) Building, machinery and furniture realised ₹ 3,44,000.
(ii) Debtors realised 90% only.
(iii) Creditors took away half of the stock in full settlement of their account.
(iv) Remaining stock realised ₹ 72,000.
(v) Realisation expenses amounting to ₹ 14,000 were paid by Rohit.
Prepare Realisation Account.
Marks-4, CBSE: 2023-24/Compartment/Set-1/Q-22
Answer :
