Question

PARTNERSHIP ACCOUNTS : DISSOLUTION 269 47. A, B and C carry on business in partnership, sharing profits and losses 1/2/3 and 6 respectively. On 1st March, 2018, they agreed to sell their business to a limited company. The position on that date was as follows: Liabilities ₹ Assets ₹ A's capital 20,000 Property 18,000 B's capital 15,000 Machinery 12.000 C's capital 13,000 Debtors 15,000 General reserve 10,000 Stock 13,000 Loan on mortgage 4,000 Cash at bank 12.000 Creditors 8,000 70,000 70,000 The company took over the following assets at the valuation shown below : Property 27,000 ; Machinery * 11,000 ; Debtors * 14,000 ; Stock * 13,000 ; Goodwill ₹ 4,000. The company also agreed to pay the creditors which were agreed at * 7,700. The company paid * 36,000 in fully paid shares of * 10 each and the balance in cash. The expenses amounted to * 500. Prepare the necessary ledger accounts to close the books of the firm.
​

Answer 1

Answer:

• this is nice way to ask answer