9. A, B and Care partners sharing profits and losses in the ratio of 2:2:1. They agreed to dissolve the
firm. The B/S of the firm on that date was as follows:
Liabilities
Assets
Bank Overdraft
Creditors
B/P
B's wife loan
Capitals:
4,000
30,000
6,000
10,000
70,000
70,000
Debtors
Stock
Furniture
Fixed Aseets
Prepaid Exp.
P/LA/C
C's Capital
А
40,000
50,000
2,000
49,000
1,000
40,000
8,000
1,90,000
B
1,90,000
(iv)
grafos
Assets realized as follows : Stock < 32,000 ; Fixed Assets * 45,000 and full amount received
from Debtors.
A agreed to take over furniture at * 1,600 and also agrees to make the payment of B/P.
B agreed to discharge his wife's loan.
There was an unrecorded asset of 10,000, which was taken over by Cat 7,000
A B/R for 35,000 was received from a customer Mohan and the bill was discounted from the
bank. Mohan became insolvent and 60 paise per rupee has been received from his estate.
Creditors were paid at a discount of 1,500.
Prepare necessary A/c.
[Ans. Loss on realization ? 16,900 ; Partner's Capital A/C-A 51,640 ; B 57,240 and C (Cr.)
26,300; Bank A/c 1,46,380.]
(vi)
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