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A and B are in partnership business sharing profits and losses in the ratio 3:2. The firm is dissolved. The balance sheet on the dissolution
A and B are in partnership business sharing profits and losses in the ratio 3:2. The firm is dissolved. The balance sheet on the dissolution date is as Queron 30 Not yet wered Marked out of 100 given below. Flag cuestion Balance sheet as on 31.12.2019 Asset Liabilities OMR OMR Sundry creditors 10,000 Land and building 50.000 Furniture 2.000 General reserve 114.000 Stock 5.000 Investment 10.000 Capital: Sundry debtors 15.000 A 40,000 Cash at bank 12.000 B 30,000 34,000 14.000 The assets realized as follows: Land building - OMR 58.000 Furniture - OMR 22.000 Other assets - 28.000 Sundry creditors were paid off at a discount of 5% When land and building account is closed in the books of accounts, the Land and building account is: a. Debited with OMR 50.000 d. Credited with OMR 58.000 ccredited with OMR 50,000 b. Debited with OMR 58.000
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