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Question
Creditors ₹ 30,000, Bills Payable ₹ 20,000 and Bank Loan ₹ 10,000. Available Bank Balance ₹ 40,000 what will be the amount that creditors will get in case of all partner's insolvency.
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Solution
Ratio of creditors, Bills payable and Bank Loan = 30,000 : 20,000 : 10,000 i.e., 3 : 2 : 1
Amount received by creditors = `3/(3+2+1)xx 40,000`
= `3/6 × 40,000`
= ₹ 20,000
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| Balance Sheet as on 31st March, 2009 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
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| Anil | 50,000 | Stock | 25,000 |
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| Creditors | 87,000 | ||
| Bills payable | 13,000 | ||
| 2,05,000 | 2,05,000 | ||
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Investment |
12000 | |
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| 84000 | 84000 | |||
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Balance Sheet as on 31st March, 2012
| Liabilities | Amount (Rs) | Assets | Amount (Rs) | |
| Creditors | 18000 | Cash at Bank | 9600 | |
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| 50000 | 50000 |
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Balance Sheet as on 31st Mar, 2013
| Liabilities |
Amount
(Rs.)
|
Assets |
Amount
(Rs.)
|
Amount
(Rs.)
|
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|
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| Balance Sheets as on 31st March 2020 | ||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital: | Furniture | 14,000 | ||
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| Advertisement Suspense | 8,000 | |||
| 1,80,000 | 1,80,000 | |||
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| Kalpana | 20,000 | Plant | 18,000 |
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| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
| Capital A/c: | Building | 78,000 | ||
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| Capital Account: | Machinery | 1,00,000 | |
| Hema | 1,50,000 | Debtors | 50,000 |
| Manisha | 80,000 | Stock | 70,000 |
| Reserve Fund | 10,000 | Cash at Bank | 30,000 |
| Sundry Creditors | 20,000 | Limsy Capital A/c | 20,000 |
| Bills payable | 10,000 | ||
| 2,70,000 | 2,70,000 | ||
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| Balance sheet as on 31st March 2020 | ||||
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| 168000 | 168000 | |||
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|
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