Anup and Sumit are equal partners in a firm. They decided to dissolve the parntership on December 31, 2006. When the balance sheet is as under :
Balance sheet of anup and sumit as on december 31,2012
| Liabilities |
Rs.Amt. |
Assets |
Rs.Amt. |
| Sundry creditors |
27,000 |
cash at bank |
11,000 |
| Reserve fund |
10,000 |
sundry debtors |
12,000 |
capital
Anup 60,000
sumt 60,000 |
1,20,000 |
plants |
47,000 |
|
|
stock |
42,000 |
|
|
Leasehold hand |
60,000 |
|
|
furniture |
25,000 |
|
1,97,000 |
|
1,97,000 |
The Assets were realised as follows :
Rs.
Lease hold land 72,000
Furniture 22,500
Stock 40,500
Plant 48,000
Sundry Debtors 10,5000
The Creditors were paid Rs. 25,500 in full settlement. Expenses of realisation amount to Rs. 2,500. Prepare Realisation Account, Bank Account, Partners Capital Accounts to close thebooks of the firm.
