Question - 21

'X', 'Y' and 'Z's balance sheet as 31st Dec., 1995 stood as follows:

Liabilities                                 Amt.

Creditors                                 34,000

Capital :

'X'               1,20,000

'Y'                  90,000

'Z'                  60,000            2,70,000

                                             3,04,000

Aseets                                     Amt.

Cash                                       25,000

Debtors                                  62,000 

Stock                                      37,000

Tools                                        8,000

Car                                         12,000

Machinery                              60,000

Building                               1,00,000

                                             3,04,000

The partnership deed provided that profits will be divided in the ratio of 3:2:1 amoung partners.

Assets realised as under :

Stock Rs. 40,000, Tools Rs. 5,000, Machinery Rs. 78,000, Building Rs. 84,000, Car Rs, 25,000, Goodwill Rs. 60,000.

Debtors realized Rs. 59,000 Creditors were settled at a discount of Rs. 720 there was an unrecorded assets valued at Rs. 3,000 which was handed over to 'X' for Rs. 2,000 prepare Realization A/c, Cash A/c and partners A/c. 

NOTE : Please purchase the book for looking question.