2.38 On (4:2:1) 50,000 Balance-Sheet as on 31st December, 2018 Assets Machinery 20,000 Debtors 10,000 Bank Financial Accounting vii) A, B and C carrying on business in partnership decided to dissolve their firm 31st December, 2018 when their position was as under: ₹ Liabilities Capitals : 15,000 . A 10,000 B • C 5,000 Profit and Loss (Cr.) 18,000 Income Tax 12,000 Bank Overdraft 10,000 75,000 75,000 As per the agreement with the Bank, it was agreed to withdraw 4,000 immediately and the balance after 19th March, 2019. The assets were realised gradually as follows: Debtors Date Machinery 2019 ₹ ₹ 21st January 10,000 10,000 17th February 30,000 2,000 27th March 8,600 3,000 It was also decided to keep aside 1,000 to meet contingent liabilities but actually on 2 March they were paid for 600 only. Prepare a statement showing distribution of cash as per Surplus Capital Method. cwere partners in a firm sharing profits and losses in the motiof 2.1.1 T .
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partnership decided to dissolve their firm 31st December, 2018 when their position was as under: ₹ Liabilities Capitals : 15,000 . A 10,000 B • C 5,000 Profit and Loss (Cr.) 18,000 Income Tax 12,000 Bank Overdraft 10,000 75,000 75,000 As per the agreement with the Bank, it was agreed to withdraw 4,000 immediately and the balance after 19th March, 2019. The assets were realised gradually as follows: Debtors Date Machinery 2019 ₹ ₹ 21st January 10,000 10,000 17th February 30,000 2,000 27th March 8,600 3,000 It was also decided to keep aside 1,000 to meet contingent liabilities but actually on 2 March they were paid for 600 only. Prepare a statement showing distribution of cash as per Surplus Capital Method. cwere partners in a firm
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