Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A and B are in partnership business.On 31.12.2019 the firm is dissolved. The balance sheet on 31.12.2019 stood as follows: Liabilities OMR out standing expenses

A and B are in partnership business.On 31.12.2019 the firm is dissolved. The balance sheet on 31.12.2019 stood as follows: Liabilities OMR out standing expenses Assets 1000 Land and building OMR 40000 Capital: A Plant and machinery 50000 Investment 30000 10000 B 30000 Stock 15000 Sundry debtors 10000 General reserve Sundry creditors 29000 Cash at bank 15000 10000 120000 120000 Assets realised as follows: Land &building Plant and machinery Sundry debtors Realisation expenses Sundry creditors are paid at OMR 9000 Realisation expenses is taken over by Mr.A Partners share profits and losses equally. Stock is taken over by Mr. B at book value Required: 1 Realisation account 2 Capital account of partners 3 Bank account 50000 25000 9000 600image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microsoft Excel And Access 2013 For Accounting

Authors: Glenn Owen

4th Edition

1305161858, 9781305161856

More Books

Students also viewed these Accounting questions