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Explanation:
sharing profit and losses in the
ratio of 2:1:1. Their Balance Sheet on the date of dissolution was as follows:
Balance Sheet as on 31.3.2018
Liabilities
Assets
20,000 Bank
8.000
Loan from Appu
5,000 Debtors
20,000
2,000 Stock
25,000
PALAC
6,000 Furniture
10,000
Capitals
Appu
20.000 Machinery
15.000
Abhi
15.000
Alansh
10.000
78.000
78.000
The following information is available:
a) The assets were realized as follows:
Debtors realized at 10% less and stock realized 10% more than the book
value
by Furniture was taken over by Appu at an agreed value of 8000.
Machinery was taken over by Abhi at ?12000,
d) Creditors were paid off at a discount of 5% each
c) Cost of dissolution amounted to 500
Prepare: a. Realisation A/C
b. Partners Capital Accounts and
RA
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