Anurag & Prem were partners sharing profits and losses in 2:1. On 31st March, 2023 their Balance....

Chapter 05 II Dissolution of A Partnership Firm II Accountancy II Class 12th II Practical Question 09 II

Anurag and Prem were partners sharing profits and losses in 2:1. On 31st March, 2023 their Balance Sheet was as follows:

Liabilities
Sundry Creditors: ₹60,000. Mrs. Anurag's Loan: ₹80,000. Anurag's Loan: ₹50,000. Workmen's Compensation Reserve: ₹1,20,000. Investment Fluctuation Reserve: ₹10,000. Profit and Loss: ₹5,000. Capitals: Anurag: ₹3,50,000 Prem: ₹45,000 Total: ₹7,20,000

Assets
Bank: ₹83,000. Sundry Debtors: ₹60,000. Less: Provision for Doubtful Debts: ₹3,000. Stock: ₹1,00,000. Furniture: ₹20,000. Plant: ₹4,00,000. Investments: ₹45,000. Advertisement Expenses: ₹15,000. Total: ₹7,20,000

The firm was dissolved on the above date:
(i) Anurag took over 60% of the stock at a discount of 20%; 25% of the remaining stock was sold at a profit of 40% on cost; Remaining stock was found obsolete and realised nothing.
(ii) Firm had to pay ₹90,000 as compensation to workers.
(iii) Sundry Creditors took over investments in full settlement.
(iv) Sundry Debtors realised at 75% and plant realised 20% less.
(v) Prem agreed to take over the responsibility of completing dissolution work and he was given furniture as his remuneration.
(vi) Realisation expenses amounted to ₹10,000.

Prepare Realisation Account.

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