Question

and shared profits in the ratio of 7). They dissolved the partner
realise the assets is to receive 6% commission on the amount realised
DumSack, Drehtors, and Shares
The position of the firm was as follows:
Assets
Condrons
is and Renewals Reserve
Capital
Capital Ale
60,000 plant and Machinery
4,000 Prepaid Insurance
20,000 Stock
50,000100 Shares in D.CM. Ltd.
20.000 Sundry Debtors
B/R
Cash at Bank
A's Drawings
Advertisement Suspense Ale
1,54,000
2
20.000
1.200
60.000
5.000
38.000
6,000
8.800
5.000
10.000
1.54.000
Informations :
1. A realised the assets as follows:- Full amount from Sundry Debtors and BR
escope from one for 2,000 being insolvent. Stock realised 52,000 Shares in DC.M.
were sold for 260 each
2. Half the trade creditors accepted plant and machinery at an agreed valuation of 10%
less than the book value and cash of 27,000 in full settlement of their claims.
Remaining creditors were paid off at a discount of 10%. Expenses of realisation
manted to 2700
Ode quarter's tax amounting to 2 1,500 was due and had to be paid.
5 There was a contingent liability amounting to 13,000. It was settled for 76,000
6. Bank Loan was discharged along with interest due for two months @ 18% pa
Prepare necessary accounts.
4

Answer 1

Answer:

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