Sharma . Verma & gupta were partners sharing profit in the ratio 3:2:1 respectively.their balance sheet on 31 march 2009 as stood as-
liabilities assets
sundry creditors 21500 cash 1000 loan 21500 stock 25000
sharma capital 6000 debtors 18000
verma capital 5000 furniture 5000
gupta capital 3000 machinery 8000
57000 57000
the firm dissolve on 1 april 2009 the fixed assets are realized Rs2000 where as stock & debtors realized 33000 Rs in all.the expenses on dissolution were Rs 600. Prepare the necessary ledger a/c . Assuming that the necessary cash has been brought in by the partners.
liabilities assets
sundry creditors 21500 cash 1000 loan 21500 stock 25000
sharma capital 6000 debtors 18000
verma capital 5000 furniture 5000
gupta capital 3000 machinery 8000
57000 57000
the firm dissolve on 1 april 2009 the fixed assets are realized Rs2000 where as stock & debtors realized 33000 Rs in all.the expenses on dissolution were Rs 600. Prepare the necessary ledger a/c . Assuming that the necessary cash has been brought in by the partners.