X, Y and Z had the following Balance Sheet as on Mar 31, 20 –

Liabilities

Rs

Assets

Rs

Creditors

1,60,000

Fixed Assets

1,60,000

Loan from Mrs. X (with a charge on stock)

60,000

Debtors

96,000

Loan from Mr. X

40,000

Stock

80,000

Capital Accounts:

Cash at Bank

4,000

X 80,000

Loss

1,20,000

Y 80,000

Z 40,000

2,00,000

4,60,000

4,60,000

The firm was dissolved. Stock realised Rs 40,000; Fixed assets and debtors realised Rs 1,20,000 in all. The private position of the partners was as follows:

X

Y

Rs

Rs

Private Estate

40,000

32,000

Private Liabilities

60,000

24,000

Z was able to pay 50 paise in the rupee what was payable on his own account to the partnership. The partners shared profits and losses in the ratio of 4:3:3 for X, Y and Z, respectively. The loss on realisation is to be determined after considering the amount finally paid to the creditors. You are required to close the books of the firm by preparing the necessary ledger accounts.

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