| A | B | C |
Profit Sharing Ratio | 3 | 2 | 1 |
Actual Capital Dividing the capital of each partner by the respective share, So minimum capital is contributed by C. Hence, taking capitals of partners on the basis C’s Capital (C is having the least capital) | 75,000
25,000 | 45,000
22,500 | 15,000
15,000 |
45,000 | 30,000 | 15,000 | |
|
|
| |
Surplus Capital | 30,000 | 15,000 | Nil |
Now, in between A &B taking B’s Capitals as base A’s surplus should be |
22,500 |
15,000 |
|
Absolute Ultimate Surplus | 7,500 | Nil |
|
Liabilities | Rs. | Assets | Rs. |
Capital Accounts: |
| Plant and Machinery | 25,000 |
A 18000 |
| Stock | 15,000 |
B 15000 |
| Furniture &Fittings | 8,000 |
C 13000 | 46,000 | Debtors | 22,000 |
| Investments | 10,000 | |
| |||
General Reserve Creditors | 4,000 30,000 |
|
|
| 80,000 |
| 80,000 |
Particulars | A | B | C |
Capital Balances Add General Reserve (2:1:1) Final Capitals Profit Sharing Ratio | 18,000 2,000 | 15,000 1,000 | 13,000 1,000 |
20,000 2 | 16,000 1 | 14,000 1 | |
Per Unit Capital As A’s Capital is lowest, it will be taken as base capital by multiplying with their profit-sharing ratio. |
10,000
20,000 |
16,000
10,000 |
14,000 |
|
|
| 10,000 |
Surplus Capital Profit Sharing Ratio | ----- | 6,000 1 | 4,000 1 |
Per Unit Capital | ----- | 6,000 | 4,000 |
As C’s Capital is lowest, it will be taken as base capital |
|
|
|
by multiplying with their profit-sharing ratio | ----- | 4,000 | 4,000 |
Surplus Capital |
|
2,000 |
----- |
Particulars | Cash | Creditors | A | B | C |
Balances as per Balance sheet Add: General Reserve in the Profit-Sharing Ratio 2:1:1 |
| 30,000 | 18,000
2,000 | 15,000
1,000 | 13,000
1,000 |
|
| 30,000 | 20,000 | 16,000 | 14,000 |
First Instalment (- ) Paid to Creditors | 28,000 28,000 |
28,000 |
---- |
---- |
----- |
Second Instalment (- ) Paid to Creditors | ----- 14,000 2,000 | 2,000
2,000 | 20,000
----- | 16,000
---- | 14,000
---- |
(- ) Paid to B | 12,000 2,000 | ----- | 20,000 ---- | 16,000 2,000 | 14,000 ---- |
| 10,000 |
| 20,000 | 14,000 | 14,000 |
(- ) Paid to B & C in their Profit Sharing Ratio | 8,000 |
| ---- | 4,000 | 4,000 |
(- ) Paid to all in their profit sharing ratio | 2,000 2,000 |
| 20,000 1,000 | 10,000 500 | 10,000 500 |
Third Instalment (- ) Paid to all in their profit sharing ratio | ---- 26,000 26,000 |
| 19,000
13,000 | 9,500
6,500 | 9,500
6,500 |
Realization Loss | ---- |
| 6,000 | 3,000 | 3,000 |
Liabilities | Rs. | Assets | Rs. |
Sundry Creditors | 30,000 | Cash in hand | 12,000 |
Capital Accounts: |
| Sundry Debtors | 20,000 |
X 56,000 |
| Plant &Machinery | 24,000 |
Y 50,000 |
| Land &Building | 1,00,000 |
Z 20,000 | 1,26,000 |
|
|
| 1,56,000 |
| 1,56,000 |
Particulars | X | Y | Z |
Capital Balances | 56,000 | 50,000 | 20,000 |
Profit Sharing Ratio | 2 | 2 | 1 |
Per Unit Capital | 23,000 | 25,000 | 20,000 |
As Z’s Capital is the lowest |
|
|
|
capital it will be taken as | 40,000 | 40,000 | 20,000 |
the base capital by |
|
|
|
multiplying with their |
|
|
|
profit sharing ratio Surplus Capital |
|
|
|
16,000 |
10,000 | ----- | |
Profit Sharing Ratio | 2 | 2 |
|
Per Unit Capital |
8,000 |
5,000 |
|
As Y’s Capital is the lowest |
|
|
|
capital it will be taken as |
|
|
|
the base capital by |
|
|
|
multiplying with their profit sharing ratio | 10,000 | 10,000 |
|
| 6,000 | ---- |
|
Particulars | Cash | Sundry Creditors | X | Y | Z |
Balances as per | 12,000 | 30,000 | 56,000 | 50,000 | 20,000 |
Balance sheet |
|
|
|
|
|
( - ) paid for |
|
|
|
|
|
realization |
|
|
|
|
|
expenses | 2,000 |
|
|
|
|
( - ) paid to | 10,000 | 30,000 | 56,000 | 50,000 | 20,000 |
sundry creditors |
|
|
|
|
|
| 10,000 | 10,000 | --- | ---- | ----- |
First Instalment | ---- | 20,000 | 56,000 | 50,000 | 20,000 |
( - ) paid to sundry creditors | 16,000 |
|
|
|
|
| 16,000 | 16,000 | ---- | ---- | ------ |
| ----- | 4,000 | 56,000 | 50,000 | 20,000 |
Second | 28,000 |
|
|
|
|
Instalment |
|
|
|
|
|
( - ) paid to sundry creditors | 4,000 | 4,000 | ----- | ----- | ------ |
( -) paid to X | 24,000 6,000 | ----- | 56,000 6,000 | 50,000 ---- | 20,000 ----- |
( - ) paid to X & | 18,000 |
| 50,000 | 50,000 | 20,000 |
Y | 18,000 |
| 9,000 | 9,000 | ---- |
| ----- |
| 41,000 | 41,000 | 20,000 |
Third | 32,000 |
|
|
| |
Instalment |
|
|
|
| |
( - ) paid to X& |
|
|
|
| |
Y | 2,000 | 1,000 | 1,000 | ----- | |
( - ) paid to all in |
|
|
|
| |
their profit | 30,000 | 40,000 | 40,000 | 20,000 | |
sharing ratio | 30,000 | 12,000 | 12,000 | 6,000 | |
Realization Loss | ----- | 28,000 | 28,000 | 14,000 |
Rs | Assets | Rs | |||
Sundry Creditors |
| 74,000 | Cash in hand Sundry Debtors Stock in trade Machinery Current Accounts: R M |
8,000 6,000 | 6,000 |
Capital Accounts: |
|
| 68,000 | ||
P | 80,000 |
| 78,000 | ||
R | 60,000 |
| 1,02,000 | ||
M | 54,000 | 1,94,000 |
| ||
|
|
|
14,000 | ||
| 2,68,000 |
| 2,68,000 |
Particulars | P (4) | R (3) | M (3) |
Capital | 80,000 | 60,000 | 54,000 |
Less: Current A/c | – | 8,000 | 6,000 |
Adjusted Capitals | 80,000 | 52,000 | 48,000 |
M’s Capital being lowest taken as base (Note 1) |
64,000 |
48,000 |
48,000 |
Excess Capital | 16,000 | 4,000 | NIL |
R’s Capital being lowest taken as base (Note 2) |
5,333 |
4,000 |
|
Ultimate Excess Capital | 10,667 | NIL | NIL |
Note 1: Capital per unit of profit | 80,000 4 | 52,000 3 | 48,000 3 |
| = 20,000 | = 17,333.33 | = 16,000 |
Note 2: Capital per unit of profit |
16,000 4 |
4,000 3 |
|
| = 4,000 | = 1,333.33 |
Date | Particulars | Cash | C Rs | P’s Cap. | R’s Cap. | M’s Cap. |
2014 |
| Rs | Rs | Rs | Rs | Rs |
Mar. 31 | Balances | 6,000 | 74,000 | 80,000 | 52,000 | 48,000 |
| Less: Minimum Balance | –4,000 |
|
|
|
|
| Less: Paid Creditors | –2,000 | –2,000 |
|
|
|
| Balances | – | 72,000 | 80,000 | 52,000 | 48,000 |
Apr. 30 | Realisation (30,000 + 40,000 – 10,000) | 60,000 |
|
|
|
|
| Less: Paid Creditors | 60,000 |
|
|
|
|
| Balance | – | 12,000 | 80,000 | 52,000 | 48,000 |
May 31 |
Realisation (20,000 + 48,000) |
68,000 |
|
|
|
|
| Add: Cash not required | + 2,000 |
|
| 70,000 |
|
|
|
|
| Less: Paid Creditors | –3,000 | –3,000 |
|
|
|
| Less: Paid P | –10,667 |
| –10,667 |
|
|
| Less: Paid P and R | –9,333 |
| –5,333 | –4,000 |
|
| Less: Paid P, R and M | –47,000 |
| –18,800 | –14,100 | –14,100 |
| Balance | – | – | 31,280 | 23,460 | 23,460 |
June 30 | Realisation (36,000 + 60,000) | 34,800 |
|
|
|
|
| Less: Paid P, R and M | –34,800 |
| –13,920 | –10,440 | –10,440 |
| Balance | – | – | 31,280 | 23,460 | 23,460 |
July 31 (Final) | Realisation (20,000 + 60,000) | 80,000 |
|
|
|
|
| Add: Cash not required | + 2,000 |
|
|
|
|
|
| 82,000 |
|
|
|
|
| Less: Paid P, R and M | –82,000 |
| –32,800 | –24,600 | –24,600 |
| Realisation Profit | – | – | 1,520 | 1,140 | 1,140 |
Liabilities | Amount (Rs) | Assets | Amount (Rs) |
Partner’s Capital: |
| Fixed Assets | 80,000 |
Sunil | 38,800 | Current Assets | 60,000 |
Anil | 20,400 | Cash in hand | 9,600 |
Neel | 26,000 |
|
|
General Reserve | 19,200 |
|
|
Sunil’s Loan | 21,200 |
|
|
Sundry Creditors | 24,000 |
|
|
| 1,49,600 |
| 1,49,600 |
| Sunil (5) Rs | Anil (3) Rs | Neel (2) Rs |
Capitals | 38,800 | 20,400 | 26,000 |
Add: General Reserve (5 : 3 : 2) | 9,600 | 5,760 | 3,840 |
Adjusted Capitals | 48,400 | 26,160 | 29,840 |
Considering Anil as base (Note 1) | 43,600 | 26,160 | 17,440 |
Excess Capital | 4,800 | – | 12,400 |
Considering Sunil as base (Note 2) | 4,800 | – | 1,920 |
Ultimate Excess Capitals | – |
| 10,480 |
Note 1: Capital per unit of profit | 48,400 5 | 26,160 3 | 29,840 2 |
| = 9,680 | = 8,720 | = 14,920 |
Note 2: Capital per unit of Profit | 4,800 5 = 960 | – | 12, 400 2 = 6,200 |
Date | Particulars | Cash Available | Creditors | Sunil’ s Loan | Sunil | Anil | Neel |
| Balance | 9,600 | 24,000 | 21,200 | 48,400 | 21,160 | 29,840 |
| Less: Kept aside for | 4,000 |
|
|
|
|
|
| Realisation expenses |
|
|
|
|
|
|
| Less: Paid creditors | 5,600 | 5,600 |
|
|
|
|
| Balances | – | 18,400 | 21,200 | 48,400 | 26,160 | 29,840 |
1st | Realisation | 61,280 |
|
|
|
|
|
| Less: Paid Creditors | 18,400 | 18,400 |
|
|
|
|
| Less: Paid Loan | 21,200 |
| 21,200 |
|
|
|
| Less: Paid Neel | 10,480 |
|
|
|
| 10,480 |
| Less: Paid Sunil and | 6,720 |
|
| 4,800 |
| 1,920 |
| Neel in 5 : 2 |
|
|
|
|
|
|
| Less: Paid all in 5 : 3 : 2 | 4,480 |
|
| 2,240 | 1,344 | 896 |
| Balance | – | – | – | 41,360 | 24,816 | 16,544 |
2nd | Realisation | 28,720 |
|
|
|
|
|
| Less: Paid all in 5 : 3 : 2 | 28,720 | – | – | 14,360 | 8,616 | 5,744 |
| Balance | – | – | – | 27,000 | 16,200 | 10,800 |
3rd and | Realisation | 21,000 |
|
|
|
|
|
Final |
|
|
|
|
|
|
|
| Less: Paid all in 5 : 3 : 2 | 21,000 | – | – | 10,500 | 6,300 | 4,200 |
| Realisation Loss | – | – | – | 16,500 | 9,900 | 6,600 |
Liabilities | Rs | Assets | Rs | |
Capital Accounts: |
|
| Fixed assets | 40,000 |
Madhuri | 20,000 |
| Current Assets | 22,000 |
Tabu | 5,000 |
| Bank | 13,000 |
Juhi | 10,000 | 35,000 |
|
|
General Reserve |
| 30,000 |
|
|
Creditors |
| 10,000 |
|
|
| 75,000 |
| 75,000 |
| Fixed Assets | Current Assets |
|
| |
31st October, 2014 (first) | 10,000 | 5,000 |
15th November, 2014 (second) | 26,000 | 12,000 |
30th December, 2014 (final) | 10,000 | 12,000 |
Particulars | Cash | Creditors | Madhuri | Tabu | Juhi |
Balance due Bank balance (available) Less: Reserve for Expenses | – 4,000 1,000 | 10,000 | 30,000 | 15,000 | 20,000 |
Less: Paid to creditors Balance due 31-10 Realisation (10,000 + 5,000) Less: Paid to creditors Balance Less: Paid to Madhuri [I] Balance due 15-11 Realisation (26,000 + 1,200) Less: Paid to Madhuri [I] Balance Less: Paid to Madhuri & Juhi [II] | 3,000 3,000 |
3,000 |
|
|
|
– 15,000 7,000 | 7,000
7,000 | 30,000 | 15,000 | 20,000 | |
8,000 8,000 | – – | 30,000 8,000 | 15,000 – | 20,000 – | |
– 38,000 2,000 36,000 10,000 | – – – – – | 22,000
2,000 20,000 5,000 | 15,000
15,000 – | 20,000
20,000 5,000 |
Balance due Less: Paid to Madhuri, Tabu, & Juhi in PSR | 26,000
26,000 | –
– | 15,000
8,666 | 15,000
8,667 | 15,000
8,667 |
Balance due | – | – | 6,334 | 6,333 | 6,333 |
30-12 Realisation |
| – |
|
|
|
Bank balance (available) | 9,000 | – |
|
|
|
Add: Realisation (10,000 + 12,000) | 22,000 | – |
|
|
|
Add: Unspent Expenses (10,00 – 700) | 300 | – |
|
|
|
| 31,300 | – |
|
|
|
Less: Paid to Madhuri, Tabu & Juhi in PSR |
31,300 |
– |
10,434 |
10,433 |
10,433 |
Surplus paid | – | – | 4,100 | 4,100 | 4,100 |
Liabilities | Amount | Assets | Amount |
Capitals |
| Cash | 4,000 |
L | 17,000 | Debtors | 42,000 |
U | 8,000 | Stock | 16,000 |
M | 1,000 |
|
|
General Reserve | 6,000 |
|
|
Loans: |
|
|
|
L | 6,000 |
|
|
U | 4,000 |
|
|
Creditors | 20,000 |
|
|
| 62,000 |
| 62,000 |
Particulars | Debtors | Stocks | Expenses |
15th January 2014 | 7,500 | 4,500 | 1,000 |
31st January 2014 | 10,500 | 500 | 500 |
15th February 2014 | 8,500 | 8,500 | 1,000 |
28th February 2014 | 10,500 | 500 | 400 |
15th March 2014 | 2,050 | 3,050 | 600 |
Date | Particulars | Cash | Creditors | Loan: L | Loan: U |
2014 1-1
15-1
31-1 |
Balances Less: Paid to creditors Balance due Realisation (7,500 + 4,500 – 1,000) Less: Paid to creditors Balance due Realisation (10,500 + 500 – 500) Less: Paid to creditors Balance to Partners Loan (pro-data 6:4) |
4,000 4,000 |
20,000 4,000 |
6,000 - |
4,000 - |
- 11,000 11,000 | 16,000
11,000 | 6,000
- | 4,000
- | ||
- 10,500 5,000 5,500 5,500 | 5,000
5,000 - - | 6,000
- 6,000 3,300 | 4,000
- 4,000 2,200 | ||
15-2 |
Realisation (8,500 + 8,500 – 1,000) Less: Paid for loans Balance c/d for payment of partners capitals | - 16,000 4,500 | -
- | 2,700
2,700 | 1,800
1,800 |
11,500 |
- |
- |
- |
Date | Particulars | Cash | L [3] | U [2] | M [1] |
2014 |
|
|
|
|
|
1-1 | Balances Due (capital + reserve) | - | 20,000 | 10,000 | 2,000 |
| Cash Balance b/d from A | 11,500 |
|
|
|
| Less: Paid to L (I) | 5,000 | 5,000 | - | - |
15-2 | Balance | 6,500 | 15,000 | 10,000 | 2,000 |
| Less: Paid to L & U (II) | 6,500 | 3,900 | 2,600 | - |
| Balances | - | 11,100 | 7,400 | 2,000 |
28-2 | Realisation (10,500 + 500 – 400) | 10,600 |
|
|
|
| Less: Paid to L & U (II) (15,000 – 6,500) |
8,500 |
5,100 |
3,400 |
- |
| Balances | 2,100 | 6,000 | 4,000 | 2,000 |
| Less: Balances paid to all in profit sharing ratio |
2,100 |
1,050 |
700 |
350 |
| Balances due | - | 4,950 | 3,300 | 1,650 |
15-3 | Realisation (2,050 + 3,050 + 600 – 600) |
5,100 |
|
|
|
| Distributed to all in PSR | 5,100 | 2,550 | 1,700 | 850 |
| Unpaid Balances | - | 2,400 | 1,600 | 800 |
Liabilities | Rs | Assets | Rs |
Capital Accounts : |
| Cash in hand | 28,000 |
A | 1,40,000 | Debtors | 2,94,000 |
B | 70,000 | Stock | 1,12,000 |
C | 14,000 |
|
|
Creditors | 2,10,000 |
| - |
| 4,34,000 |
| 4,34,000 |
2014 | Stock and Debtors Rs | Expenses |
April | 84,000 | 7,000 |
May | 1,26,000 | 5,400 |
June | 70,000 | 4,900 |
July | 77,000 | 3,500 |
August | 35,500 | 3,500 |
| A | B | C |
Balance (Rs) Profit Sharing Ratio (PSR) Unit Value (Rs) (Base Capital = 14,000) (BC) Proportionate Capital (BC x PSR) (Rs) Excess Capital (Rs) Profit Sharing Ratio (PSR) (Rs) Unit Value (Rs) (Base Capital = 21,000) (BC) Proportionate Capital (BC x PSR) (Rs) Ultimate Excess Capital (Rs) | 1,40,000 3 46,667
42,000 | 70,000 1 35,000
28,000 | 14,000 1 14,000
14,000 |
98,000 3
32,667 63,000 | 42,000 2
21,000 42,000 | Nil -
- | |
35,000 | Nil |
| Cash Rs | Total Claim Rs | Creditors Rs | A Rs | B Rs | C Rs |
Balance Opening (-) Provision for Contingent Liability | 28,000
10,000 | 4,34,000 | 2,10,000 | 1,40,000 | 70,000 | 14,000 |
1st Realisation: April 2014 (-) Realisation Expenses | 18,000 84,000 7,000 |
|
|
|
|
|
(-) Paid to Creditors Balance 2nd Realisation : May 2014 (-) Realisation Expenses | 95,000 (95,000) |
95,000 |
95,000 |
|
|
|
Nil 1,26,000 5,400 | 3,39,000 | 1,15,000 | ||||
(-) Paid to Creditor | 1,20,600 1,15,000 |
1,15,000 |
1,15,000 |
|
|
|
3rd Realisation : June 2014 (-) Realisation Expenses | 5,600 70,700 4,900 | 2,24,000 | Nil |
|
|
|
(-) Paid to A | 70,700 35,000 |
35,000 |
- |
35,000 |
- |
- |
4th Realisation (-) Realisation Expenses | 35,700 77,000 3,500 | 1,89,000 | - | 1,05,000 | 70,000 | 14,000 |
| 1,09,200 |
|
|
|
|
|
(-) Paid to A and B (Excess Capital) Balance Final Realisation (-) Realisation Expenses |
1,05,000 |
1,05,000 |
- |
63,000 |
42,000 |
- |
4,200 35,500 3,500 | 84,000 | - | 42,000 | 28,000 | 14,000 | |
(+) Provision on longer required | 36,200 10,000 |
|
|
|
|
|
| 46,200 | 46,200 |
| 23,100 | 15,400 | 7,700 |
Loss on Realisation | - | 37,800 |
| 18,900 | 12,600 | 6,300 |
Liabilities | Amount | Assets | Amount |
Creditors | 11,600 | Cash in hand | 340 |
General Reserve | 18,900 | Investment | 30,000 |
Bank Overdraft | 32,500 | Stock | 1,28,300 |
Capital: |
| Debtors | 45,400 |
A | 80,000 | Machinery | 32,600 |
B | 1,60,000 | Furniture | 4,900 |
C | 1,30,000 | Building | 1,91,460 |
| 4,33,000 |
| 4,33,000 |
| A | B | C |
Capital Add : General Reserve (PSR) (A) Adjusted Capital (B) Profit sharing ratio (PSR0 Unit Value (A/B) Proportionate Capital (A’s Capital i.e. 22, 700 being minimum taken s Base Capital) (C) (Base Capital PSR) (3) Excess Capital (A-C0 PSR Unit Value Proportionate Excess Capital Ultimate Excess Capital | 80,000 10,800 | 1,60,000 5,400 | 1,30,000 2,700 |
90,800 4 22,700
90,800 | 1,65,400 2 82,700
45,400 | 1,32,700 1 1,32,700
22,700 | |
Nil -
(2) | 1,20,000 2 60,000 1,20,000 | 1,10,000 1 1,10,000 60,000 | |
- | Nil | (1) 50,000 |
| Cash | Total | Bank | Creditors | A | B | C |
| Available | Claim Rs | O/D Rs | Rs | Rs | Rs | Rs |
Balance | 340 | 4,33,000 | 32,500 | 11,600 | 90,800 | 1,65,400 | 1,32,700 |
1st Realisation | 30,000 |
|
|
|
|
|
|
Less: Provision for Realisation |
|
|
|
|
|
|
|
Expenses | 2,400 |
|
|
|
|
|
|
| 27,940 |
|
|
|
|
|
|
Less: Pid B. O/D and |
|
|
|
|
|
|
|
Creditors Proportionately | 27,940 | 27,940 | 20,590 | 7,350 |
|
|
|
Balance | - | 4,05,060 | 11,910 | 4,250 |
|
|
|
2nd Realisation | 36,000 |
|
|
|
|
|
|
Less: Paid BOD & Creditor | (16,160) | (16,160) | 11,910 | 4,250 | - | - | - |
| 19,840 | 3,88,900 |
|
| 90,800 | 1,65,400 | 1,32,700 |
Balance | 19,840 | 3,88,900 |
| - |
|
|
|
3rd Realisation | 2,10,000 |
|
|
|
|
|
|
Paid to C | (50,000) | 50,000 |
|
| - | - | 50,000 |
Balance | 1,79,840 | 3,38,900 |
|
| 90,800 | 1,65,400 | 82,700 |
Less: Paid to B & C (PSR) | (1,79,840) | (1,79,840) |
|
| - | (1,19,893) | (59,947) |
Balance | - | 1,59,060 |
|
| 90,800 | 45,507 | 22,753 |
4th Realisation | 92,000 |
|
|
|
|
|
|
Add to provision for Realisation |
|
|
|
|
|
|
|
Expenses not required | 1,200 |
|
|
|
|
|
|
| 93,200 |
|
|
|
|
|
|
Paid t All (in PSR) | 93,200 | 93,200 |
|
| 53,166 | 26,690 | 13,344 |
Balance (Loss on Realisation) | - | 656,860 |
|
| 37,634 | 18,817 | 9,409 |
Liabilities | Amount | Assets | Amount | |
Capital Accounts: |
|
| Fixed Assets | 80,000 |
X | 40,000 |
| Current Assets | 40,000 |
Y | 10,000 |
| Bank | 30,000 |
Z | 20,000 | 70,000 |
|
|
Creditors |
| 80,000 |
| - |
|
| 1,50,000 |
| 1,50,000 |
| X () | Y () | Z () |
Capital Balance | 40,000 | 10,000 | 20,000 |
P.S.R | 1 | 1 | 1 |
Unit Value | (40,000) | (10,000) | (20,000) |
Taking Y’s Capital as the base | 10,000 | 10,000 | 10,000 |
Excess | 30,000 | Nil | 10,000 |
PSR | 1 | - | - |
Unit Value | (30,000) | - | (10,000) |
Taking Z’s Capital as the basis | 10,000 | - | 10,000 |
Ultimate Excess Capital | 20,000 | Nil | Nil |
| Cash available | Total | Creditors | X | Y | Z |
Balances 1st Realisation: (Jan. 2014) Bank Balance Realised |
10,000 30,000 | 1,50,000 | 80,000 | 40,000 | 10,000 | 20,000 |
Less: Prov. For Realisation Exp. | 40,000 2,000 |
|
|
|
|
|
| 38,000 | 38,000 | 38,000 |
|
|
|
| - | 1,12,000 | 42,000 |
|
|
|
IInd Realisation (Feb. 2014) Bank Balance Realised |
10,000 75,000 |
|
|
|
|
|
Less: Paid Creditors | 85,000 42,000 |
42,000 |
42,000 |
|
|
|
Less: Paid to X Less: Paid to X & Z Paid to XYZ equally | 43,000 20,000 | 70,000 20,000 | - - - - - |
20,000 |
- 10,000 1,000 |
10,000 10,000 1,000 |
23,000 20,000 | 50,000 20,000 | 20,000 10,000 | ||||
3,000 3,000 | 30,000 3,000 | 10,000 1,000 | ||||
- | 27,000 | 9,000 | 9,000 | 9,000 |
III rd. Realisation (Mar. 2014) |
|
|
|
|
|
|
Bank Balance | 10,000 |
|
|
|
| |
Realized | 44,000 |
|
|
|
| |
| 54,000 |
|
|
|
| |
Paid to XYZ | 54,000 | 54,000 | 18,000 | 18,000 | 18,000 | |
Profit on Realisation | - | 27,000 | 9,000 | 9,000 | 9,000 |