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59 Ans. According to section 48 — a) Losses including the deficiencies of Capitals are to be paid--- i) First out of profits ii) Next out of Capitals of the partners iii) Lastly if required, by the partners individually in their profit sharing ratio(as their liability is unlimited) b) The Assets of the firm and the amount contributed by the partners to make up the deficiency of capital shall be applied for – i) First to pay the debts of the firm to the third parties. ii) Next, Partners Loan(Partner has advanced to the firm) iii) Partners capitals iv) The residue, if any shall be distributed among the partners in their profit sharing ratio. 3. Distinguish between Realisation account and Revaluation account Realisation Account Revaluation Account a) It is prepared in the case of Dissolution of Partnership firm. a)It is prepared in the case of Dissolution of Partnership. b) This account is prepared to realise the assets & pay off the liabilities . b) This Account is prepared to revalue the assets and liabilities during Admission, Retirement and Death of the partner. 4. A and B are partners sharing profits and losses equally. They decided to dissolve their firm. Assets and Liabilities have been transferred to Realisation Account. Pass necessary Journal entries for the following. a) A was to bear all the expenses of Realisation for which he was given a commission of Rs 4000. b) Advertisement suspense account appeared on the asset side of the Balance sheet amounting Rs 28000 c) Creditors of Rs 40,000 agreed to take over the stock of Rs 30,000 at a discount of 10% and the balance in cash. d) B agreed to take over Investments of Rs 5000 at Rs 4900 e) Loan of Rs 15000 advanced by A to the firm was paid off. f) Bank loan of Rs 12000 was paid off.
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