Question

Question

Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their balance sheet was as follows



On the above date the firm was dissolved

(i)Debtors were realised at a discount of 5%, 50% of the stock was taken over by Hanif at 10% less than the book value. Remaining stock was sold for Rs 65,000.

(ii)Furniture was taken over by Jubed for Rs 1,35,000. Machinery was sold as scrap for Rs 74,000.

(iii)Creditors were paid in full.

(iv)Expenses on realisation Rs 8,000 were paid by Hanif. Prepare realisation account. (All India 2014)​

Answer 1

Answer:

Hanif and Jubed Were Partners in a Firm Sharing Profits in the Ratio of Their Capitals. on the 31st March 2013 Their Balance Sheet Was as Follows: A. Debtors Were Realised at a Discount of 5%, 50% of the Stock Was Taken Over by Hanif at 10% Less than the Book Value. Remaining Stock Was Sold for Rs 65,000.

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Answer 2

Answer:

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