Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1.Qamar, Anis and Mehdi are partners sharing profit & losses in a ratio of 3:2:1. On December 31st they decide to liquidate/dissolve their firm. On
1.Qamar, Anis and Mehdi are partners sharing profit & losses in a ratio of 3:2:1. On December 31st they decide to liquidate/dissolve their firm. On that day the books are closed and the income of the year is transferred to the partner's capital accounts. Thereafter the partnership's balance sheet appears as follows: Amount Amount Liabilities RO. Assets RO. Sundry creditor 10,000 Cash 20,000 Capital Account: Stock 30,000 Qamer 30,000 Other assets 50,000 Anis 30,000 Mehdi 30,000 100,000 100,000 Other information: Merchandise Inventory was sold for RO.24000 and other assets were realized for RO.68000.Liablities was paid and remaining cash was paid to the partner Required: Pass journal entries and prepare ledger accounts of Realization, partners' capital and Cash
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started