Compute Realization profit/loss of partners Ahmed and Jaleel sharing in the ratio of 3:2. On December 31^st they decided to dissolve their firm.

Liabilities	Amount	Assets	Amount
Sundry creditor	20,000	Cash	40,000
Capital Account:		Stock	60,000
Ahmed	60,000	Other assets	40,000
Jaleel	60,000
	140,000		140,000

Merchandise Inventory was sold for OMR 70,000 and other assets were realized for OMR 20,000. Liabilities was paid and remaining cash was paid to the partners.

a.

Realization Profit OMR 10,000

b.

Realization Loss OMR 10,000

c.

No Profit on realization

d.

No Loss on realization

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The existence of the limited liability partnership firm gets affected with the entry or exit of a partner.

a.

May be

b.

True

c.

False

d.

None of these are correct