Question

Sara, Meka and Neka share profits in the ratio of 4 : 3 : 2. They have decided to sell their firm to a Limited Company on June 30, 2015. Their Balance Sheet on that date was as under : Rs. Rs.Creditors 12,000 Buildings 18,000Capitals : Sara 20,000 Machinery 12,000 Meka 15,000 Debtors 15,000 Neka 13,000 Stock 13,000 Cash 2,000 60,000 60,000Purchase consideration agreed upon was Rs. 50,000. Of this the company has paid Rs. 32,000 in its own shares and the balance in cash. Show the necessary Ledger accounts.

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Answer 2

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