Question

Pankaj. Querashi and Renu entered into partnership on 1st April 2017 sharing profits and losses in the
ratio of 4:3 :3 with capitals 40,000, 30,000 and 20,000 respectively. Their assets and liabilities on
1st April 2018 and the date on which they decided to winding up their affairs were as follow:
Furniture * 1.500. Debtors 25,000, Bills Receivable 5,500, Stock-in-trade 45,000, Sundry creditors
32,000, Bills payable 2,000 and Bank Balance 2,000. The record of current year's profit/loss before
P charging interest on capital is not available.
3 Pankaj agreed to take over the stock in trade less 20% and pay off bills payable. Querashi agreed to
take over debtors at a discount of 10% and pay off sundry creditors.Renu agreed to take over the b/r at 5000and furniture at a dep. of 10%.10%p.a. interest is to be credited to each partner on his capital.
show the necessary accounts to close the books of the firm.​

Answer 1

Answer:

points please nedded them sorry for the answer .......