Page 1 :
Q. 20. Ashish and Kanav were partners in 4 firm sharing profits and losses, in the ratio of 3 : 2. On 31st March, 2018 their Balance Sheet was as follows :, Balance sheet of Ashish and Kanav, as at 31st March, 2018, , , , , , , , , Trade Creditors, , , , , , , , Employee's Provident Fund 24,000, Mrs. Ashish’s Loan 19,000, Kanav’s Loan 40,000, Workmen’s Compensation Fund 2,10,000, Investment Fluctuation Reserve 32,000, Capitals : Profit and Loss. Account 10,000, Ashish, , Kanav, , , , On the above date they decided to dissolve the firm., (a) Ashish agreed to take over furniture at € 38,000 and pay off Mrs. Ashish’s, loan. (b) Debtors realised T 18,500 and plant realised 10% more. (c)Kanav took, over 40% of the stock at 20% less tham the book value. Remaining stock was sold att, a gain of 10%. (d)Trade creditors took over investments in full settlement. (e), Kanav agreed to take over the resposibility fo completing dissolution at an agreed, remuneration of € 12,000 and to bear realisation expenses. Actual expenses of, realisation amounted to € 8,000., , Prepapre Realisation Account.