Ram, Indra, Triveni and Umesh were partners sharing profits and losses in the ratio of 3 : 3 : 2 :..

Ram, Indra, Triveni and Umesh were partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The Balance Sheet as on 31st March, 2015 was as under: On March 31, 2015, the firm was dissolved and Indra was appointed to realise the assets and to pay off the liabilities. He was entitled to receive 5% commission on the amount finally paid to other partners as capital. He was to bear the expenses of realisation. The assets realised as follows: Debtors RS. 33,000; Stock RS.  24,000; Furniture RS. 3,000; and Trade marks RS. 12,000. The creditors were paid off in full, and in addition,
View complete question »Ram, Indra, Triveni and Umesh were partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The Balance Sheet as on 31st March, 2015 was as under: On March 31, 2015, the firm was dissolved and Indra was appointed to realise the assets and to pay off the liabilities. He was entitled to receive 5% commission on the amount finally paid to other partners as capital. He was to bear the expenses of realisation. The assets realised as follows: Debtors RS. 33,000; Stock RS.  24,000; Furniture RS. 3,000; and Trade marks RS. 12,000. The creditors were paid off in full, and in addition, contingent liabilities for bills receivable discounted materialized to the extent of RS.  7,500. There was also a joint life policy for ~ 90,000. This was surrendered for RS.  9,000. Expenses of realisation amounted to ~ 1,500. Triveni was insolvent, but RS. 11,100 was received from his estate. Write-up the necessary accounts to close the books of the firm according to the Garner Vs Murray rule. Piecemeal  

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