Question

Following was the balance Sheet and 7 USUZLU
Las
e
30.000
20,000
Creditors
Bills Payable
s Loan
RsLoan
Workmen Compensation Reserve
Capitals
D
1.00,000
1.50.000
50,000 Bank
10,000 Debtors
8.000 Stock
12.000 Furniture
20,000 Land and Building
Os Capital
2.45.000
20.000
250.000
3,50,000
The firm was dissolved on the above date on the following terms:
(i) Debtors realized 328,000; and creditors and bills payable were paid at a
discount of 10%.
(m Stock was taken over by T for 315,000 and furniture was sold to N for
12,000.
(ii) Land and building was sold for 32,80,000.
(iv) R's loan was paid by a cheque for the same amount,
(v) There was an unrecorded asset of 20,000 which was sold for 314,000.
(1) The firm had a joint life policy of 35,00,000 with a surrender value of
286,000. The policy was surrendered at its surrender value.
Prepare Realisation Account, Bank Account and Capital Accounts of D G and T.​

Answer 1

Answer:

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