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(b) A, B and C are in Partnership sharing Profits and Losses three-sixths, two-sixths, and on-sixth respectively. Balance Sheet on the date of dissolution was
(b) A, B and C are in Partnership sharing Profits and Losses three-sixths, two-sixths, and on-sixth respectively. Balance Sheet on the date of dissolution was as follows: Liabilities Sundry Creditors A' Loan A/c A' Capital B's Capital Assets 38,500 Cash in hand 2,750 Sundry Debtors 15,200 Stock 11,200 Furniture 67,650 C's Capital 9,860 30,560 18,440 7,200 1,590 67,650 The assets realized: Stock 13,840; Furniture 5,150 and Debtors 29,200. The Creditors were paid less discount *250. C is insolvent and is unable to bring in anything. The expenses of winding up were ? 520. Show the Ledger Accounts as per Garner Vs. Murray decision. ning: Xerox/Photocopying of this book is a CRIMINAL act. Anyone found guilty is LIABLE to face LEGAL proceedings
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