H and N were in equal partnership. Their Balance Sheet stood as under on 31st December, 2017
Question:
H and N were in equal partnership. Their Balance Sheet stood as under on 31st December, 2017 when the firm was dissolved:
The assets realised were as follows: Machinery ₹600; Furniture ₹100; Debtors ₹400; and Stock-in-trade ₹300. The expenses of realisation amounted to ₹140.
H’s private estate is not sufficient even to pay his private debts, whereas in N’s private estate there is a surplus of ₹140 only. Give accounts to close the books of the firm.
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To close the books of the firm upon dissolution and distribute the assets among the partners we need ...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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