Dev, Narain and Manoj are sharing profits as 2:3:5 and their Balance Sheet as at 31st March, 2017
is as follows:
Liabilities
Capital A/cs:
Dev
Narain
Manoj
Employees Provident Fund
General Reserve
Bank Loan
Loan by Dev
Sundry Creditors
Assets
Building
Equipments
Stock
Sundry Debtors
Cash at Bank
Profit and Loss A/c
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6,00
2.10,000
2,70,000
3,30,000
8,10,000
80.000
10,000
2,60,000
3,90,000
17,50,000
The firm was dissolved on the above date. Close the books of the firm on the basis of the follow information:
( An unrecorded asset was realised at 45,000
i) A debt of ? 1,50,000 previously written off as bad was received.
(i) Sundry Creditors took a computer included in Equipments, in part payments of ? 120,000. They
were paid the balance at 10% discount. The remaining Equipments were sold for ? 18.000
(iv) Building realised 5,85,000 and Sundry Debtors realised 3,30,000
(v) Stock was sold for 2,30,000 under the supervision of Bank. The amount realised from sale
stock and further 30,000 was paid to Bank to settle its loan amount
(vi) Narain was to get a remuneration of 36,000 for completing the dissolution process and
had to bear Realisation Expenses which amounted to 33,600 paid by the firm.
1790
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