CBSE 2024 · Region 3 · Set 2 · Q23

Rishan, Suzane and Tapti were partners in a firm sharing profits and losses equally. On 31st March, $\displaystyle 2023$ their Balance Sheet was as follows : Balance Sheet of Rishan, Suzane and Tapti as at 31st March, $\displaystyle 2023$ Amount Amount Liabilities Assets (<) (<) Creditors $\displaystyle 60,000$ Cash at Bank $\displaystyle 25,000$ General Reserve $\displaystyle 60,000$ Debtors $\displaystyle 40,000$ Capital : Stock $\displaystyle 60,000$ Rishan $\displaystyle 1,25,000$ Investments $\displaystyle 80,000$ Suzane $\displaystyle 1,05,000$ Plant and Equipment $\displaystyle 2,00,000$ Tapti $\displaystyle 55,000$ $\displaystyle 2,85,000$ $\displaystyle 4,05,000$ $\displaystyle 4,05,000$ On the above date, the firm was dissolved on the following terms : (i) Plant and Equipment were realised at $\displaystyle 10$% less than the book value. (ii) Debtors were realised at book value. (iii) Investments were taken over by Suzane at ₹ $\displaystyle 1,00$,000. (iv) Tapti took over $\displaystyle 50$% of the stock at ₹ $\displaystyle 36$,000. The remaining stock was sold for ₹ $\displaystyle 19$,000. (v) Expenses of realisation amounted to ₹ $\displaystyle 20,000$ which were paid by Rishan. Prepare Realisation Account.