Question
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 600
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