Question - 11

Sachin & Dhoni are partners in a firm sharing profit and loss i the ratio 3:1 their Balance Sheet on 31st March 2012 stood as under :

Liabilities                                    Amt.

Creditors                                      90,000

Sachin's loan                               40,000

Capital :

      Sachin's  - 20,000 

     Dhoni's   - 30,000                 50,000

                                                 1,80,000

Assets                                         Amt.

Debtors                                       40,000

Sundry assets                           1,40,000

                                                 1,80,000

They decided to dissolve the firm on that date Rs. 30,000 realized from debtors and sundry assets realization Rs. 1,20,000 prepare Realization A/c.

NOTE : Purchase Novbodh book for extra information.