Question - 25

Hari, Mohan and Gautam are partners they shared profits & loss in the ratio of their capital contribution on 31-12-1994 their capitals were Rs. 30,000, 20,000, and 10,000 respectively on that date liabilities of the firm amounted to Rs. 30,000 and a contingent liability of Rs. 6,000, Leaving this contingent liability, the other liabilities were entered in the books of amount was Rs. 30,000 in addition to it Gautam had also given a loan of Rs. 6,000 to the firm.

they decided to dissolve the firm on 31-12-1994 they realized from total assets Rs. 1,44,000 show the following account in the books of the firm.

  1. Realization account,
  2. Bank account,
  3. Partners capital account.
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