Question

Atal and Vichal were partners in a firm sharing profits in the ratio of 3:5. On 31st March, 2020, their Balance
Sheet was as follows:
Assets
₹
3,00,000
5.00.000
Land and Building
Machinery
Debtors
Cash at Bank
8,00.000
1,79,000
21,000
4,00,000
3,00,000
2,22,000
78,000
obes Provident Fund
10,00.000
10,00,000
The firm was dissolved on 1st April 2020 and the Assets and liabilities were settled as follows:
Land and Building realised 430,000.
Debtors realised 7225.000 (with interest) and 1,000 were recovered for Bad Debts written off last year.
There was an Unrecorded investment which was sold for 25.000.
Vichal took over Machinery at 280,000 for cash.
50% of the creditors were paid 7 4,000 less in full settlement and the remaining Creditors were paid
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Answer 1

Answer:

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Explanation:

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