13 Dec 2020 7:13 pm
[6] Dissolution of Partnership Firm – Practical problem – (Balbharati Book Keeping and Accountancy 12th Board Exam)
Practical problem | Q 8 | Page 248
Sitaram, Gangaram, and Rajaram are partners sharing Profits and Losses in the ratio of 4:2:3. On. 1st April 2019 they agreed to dissolve the partnership, their Balance Sheet was as follows :
Balance Sheets as on 31st March 2019
Working Notes :
(1) ₹ 1,100 is recovered from Rajaram’s estate which is recorded in credit side of Rajaram’s Capital Account and on debit side of Bank A/c.
(2) Capital deficiency of Rajaram = Debit total of Capital A/c – Credit total of Capital A/c
= 18,000 – 15,900 = ₹ 2,100
Deficit amount of Rajaram A/c ₹ 2,100 is distributed among continuing partners’ in 2: 1 ratio.