CBSE 2024 · Region 3 · Set 1 · Q23

Abhay, Bikram and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve their partnership firm on 31st March, 2023. The firm' s Balance Sheet on the date of dissolution was as follows : Balance Sheet of Abhay, Bikram and Chris as at 31st March, $\displaystyle 2023$ Amount Amount Liabilities Assets (<) (<) Plant and Capital : Machinery $\displaystyle 80,000$ Abhay $\displaystyle 68,000$ Furniture $\displaystyle 45,000$ Bikram $\displaystyle 1,00,000$ Motor Car $\displaystyle 1,25,000$ Chris $\displaystyle 77,000$ $\displaystyle 2,45,000$ Stock $\displaystyle 30,000$ Creditors $\displaystyle 1,20,000$ Debtors $\displaystyle 70,000$ Cash at Bank $\displaystyle 15,000$ $\displaystyle 3,65,000$ $\displaystyle 3,65,000$ The following information is available : (i) Plant and Machinery was taken over by Abhay at an agreed valuation of ₹ $\displaystyle 75$,000. (ii) Furniture realised ₹ $\displaystyle 40$,000. (iii) Motor car was taken over by Bikram for ₹ $\displaystyle 1,30$,000. (iv) Debtors realised $\displaystyle 10$% less. (v) $\displaystyle 10$% of the stock was taken over by Chris for ₹ $\displaystyle 4$,500. The remaining stock was sold for ₹ $\displaystyle 30$,000. (vi) Realisation expenses amounted to ₹ $\displaystyle 5$,000. Prepare Realisation Account.