X , Y and Z were partners sharing profits in the ratio of ` 2 : 2 : 1` . The Balance
Channel: Doubtnut
Date: 29/03/2020

X , Y and Z were partners sharing profits in the ratio of ` 2 : 2 : 1` . The Balance Sheet as at 31st March ,2019 , when they dissolved the firm was as follows : It was agreed that : (i) X to take over furniture at ? 8,000 and debtors amounted to ? 1,20,000 at ? 1,17 , 000 and the creditors of ? 16,000 were to be paid by him at this figure . (ii) Y is to take over all stock for ? 17,000 and some sundry assets at ?72,000 (being 10% less than the book value). (iii) Z to take over remaining sundry assets at 80 % of the book value and assume the responsibility of discharge of loan together with accrued interest of ?2,300. (iv) The expenses of realisation were ? 2,700 . The remaining debtors were sold to a debt collecting agency at 50% of the value . Prepare necessary accounts to close the books of the firm .