For partnership dissolved on July 31, balance sheet on the date of dissolution was as follows:

For partnership dissolved on July 31, balance sheet on the date of dissolution was as follows:

Liabilities

Rs

Assets

Rs

Capitals:

Cash

16,200

Mohan

1,14,000

Sundry Assets

2,83,800

Mohamed

72,000

Martin

54.000

2,40,000

Loan: Mohamed

15,000

Sundry Creditors

45,000

3,00,000

3,00,000

The assets were realised in instalments and payment was made on the proportionate capital basis. Creditors were paid Rs 43,500 in full settlement of their accounts. Expenses on realisation were estimated to be Rs 8,100 but actual amount spent on this was Rs 6,000. This amount was paid on Nov 2. Draw up memorandum of distribution of cash that was realised as follows:

On Aug 10, Rs 37,800

On Sep 15, Rs 90,000

On Nov 2, Rs 1,20,000

The partners shared profits and losses in the ratio of 2:2:1

Liabilities

Rs

Assets

Rs

Capitals:

Cash

16,200

Mohan

1,14,000

Sundry Assets

2,83,800

Mohamed

72,000

Martin

54.000

2,40,000

Loan: Mohamed

15,000

Sundry Creditors

45,000

3,00,000

3,00,000

The assets were realised in instalments and payment was made on the proportionate capital basis. Creditors were paid Rs 43,500 in full settlement of their accounts. Expenses on realisation were estimated to be Rs 8,100 but actual amount spent on this was Rs 6,000. This amount was paid on Nov 2. Draw up memorandum of distribution of cash that was realised as follows:

On Aug 10, Rs 37,800

On Sep 15, Rs 90,000

On Nov 2, Rs 1,20,000

The partners shared profits and losses in the ratio of 2:2:1

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