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Dissolution Test XII

The document provides the balance sheet as of March 31, 2023 for a partnership firm consisting of partners X, Y, and Z who share profits and losses in a 2:2:1 ratio. The balance sheet lists the assets and liabilities of the firm. It also provides 14 adjustments that will occur when dissolving the partnership, such as certain assets being sold at different values than their book values, partners taking over certain assets and liabilities, and the settlement of various accounts.

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10 views1 page

Dissolution Test XII

The document provides the balance sheet as of March 31, 2023 for a partnership firm consisting of partners X, Y, and Z who share profits and losses in a 2:2:1 ratio. The balance sheet lists the assets and liabilities of the firm. It also provides 14 adjustments that will occur when dissolving the partnership, such as certain assets being sold at different values than their book values, partners taking over certain assets and liabilities, and the settlement of various accounts.

Uploaded by

jansh2597
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Kalra Eduvilla

Institute of commerce Professionals


9971561561 9818834309
TEST - Dissolution
X, Y and Z are partners in a firm sharing profits and losses in the ratio of 2:2:1. Their
Balance Sheet as at 31st March, 2019 was as follows:

Balance Sheet
As at 31st March, 2023
X's Capital A/c 5,00,000 Y's Current A/c 70,000
Y's Capital A/c 4,00,000 Z's Current A/c 85,000
Z's Capital A/c 3,00,000 Plant & Machinery 2,00,000
X's Current A/c 80,000 Debtors 1,50,000
Employees Provident Fund 90,000 Provision for D. dts (10,000) 1,40,000
Workmen Compensation 85,000 Land & Building 5,00,000
Fund
Creditors 75,000 Stock 80,000
Bills Payable 25,000 Furniture 1,35,000
Outstanding Expense 10,000 Fittings 1,00,000
X's Loan 20,000 Bills Receivable 90,000
Y's Wife loan 25,000 Investment 3,00,000
Y's loan 50,000 Cash 1,35,000
Bank Loan 1,00,000 Bank 80,000
Bank Overdraft 55,000 Goodwill 50,000
General Reserve 80,000 Advertisement Expense 15,000
Reserve Fund 60,000 Miscellaneous Expenses 12,000
Profit & Loss A/c (Cr. Bal.) 75,000 Fictitious Assets 18,000
Investment Fluctuation 45,000 Z's Loan A/c 65,000
Fund
20,75,000 20,75,000
Adjustments:-
1. Plant and Machinery Realised at more than 10%.
2. Y took over his wife's loan and took over half of the stock @ 45,000.
3. Land and Building realised at 25% less than Book value.
4. Bad debts - 8,000
5. Half of the stock were realised at 39,000.
6. X took over creditors and 1/3rd of the investment at (30% more).
7. Balance Investment sold at Market value.
8. Half of the furniture realised @ 70,000.
9. Realisation expenses 20,000 (paid by firm 15,000 and paid by Y on behalf of firm)
10. X agreed to settle his loan @ 80%.
11. B/R is settled against B/P.
12. Z, an old customer, whose account was written off as bad debt in the previous
year paid Rs. 500.
13. Half of the furniture realised at book value.
14. An old typewriter completely written off was taken by Z at Rs. 400.

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