Question

Mibi and Maggie were in partnership, sharing profits and losses equally. Their Balance Sheet as on 31.03.2013 was as follows.

Balance Sheet as on 31.03.2013

The firm was dissolved on the date of Balance Sheet. The assets realized as follows: 

Furniture Rs. 8000 Debtors Rs. 6,500 Stock Rs. 5,000 Creditors were paid in full. The Realisation expenses amounted to Rs. 500. Prepare necessary Ledger Accounts.

Answer 1

Realisation a/c

Capital A/c

Bank a/c