F 2x X х Q.7 А 3x D с E Find x.
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Answer:
2,760 55,000 14,176 6,720 9,640 85,536 Plant and Machinery Furniture & Fixture Sundry Debtors Patents Bills receivable Stock in Trade Cash at Bank Current Account: Meadow 19,010 3,392 11,330 9,684 6,890 23,950 3,360 7,920 85,536 Field died on 1st July, 2004. The remaining partners could not arrive at any understanding with legal representatives of field. Consequently, it was decided that the firm would be dissolved, subject to the following adjustments: a) An unrecorded asset was realized for Rs. 24,000. b) Plant and Machinery realised only 70% of the book value. c) Furniture and Fixture were taken over by partner Park at a market value of Rs. 2,000. d) Bills receivable and sundry debtors had to be discounted at 5%. e) Stock in trade comprised: i) Easily marketable items—70% of the total inventory which were realized in full; ii) Obsolete items—10% of the total inventory which had to be discarded; iii) The rest of the items in the stock realized 50% of their book value. f) A liability for Rs. 1,100 which had not been recorded in the books of the firm had to be settled by the firm before its dissolution. You are required to prepare necessary accounts