Question

25. Ravi, Som and Mangal shares profits and losses in the ratio of 2:3:5. Their Balance sheet as
on 31st Dec., 2007 is as under:
Balance Sheet
Liabilities
Amt.
Assets
Amt.
₹
18,000
12,000
General Reserve
Creditors
Capital :
Ravi
Som
Mangal
Building
Furniture
Debtors
Cash
40,000
20,000
15,000
9,000
20,000
18,000
16,000
54,000
mangal retires on 1st January,2008.keeping in mind the following prepare profit and loss​

Answer 1

Explanation:

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