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please help me. i have 10 minets to solve it Shaima and Rahil were sharing profits (losses) in the ratio of 3:2, their Balance Sheet

please help me. i have 10 minets to solve it

Shaima and Rahil were sharing profits (losses) in the ratio of 3:2, their Balance Sheet as on March 31, 2016 is as follows:


The firm was dissolved on March 31, 2016 on the following terms:

1. Shaima agreed to take the investments at OMR 8,000 and to pay the Loan.

2. Other assets were realised as follows:

Stock

OMR

5,000

Debtors

OMR

18,500

Furniture

OMR

4,500

Plant

OMR

25,000

3. Expenses on Realisation amounted to OMR 1,600.

4. Creditors were paid OMR 37,000 as a final settlement.

You are required to prepare Realisation Account and Partners Capital Account.


image text in transcribed
Balance Sheet of Shaima and Rahil as on March 31, 2016 Amount Liabilities OMR Creditors Amount OMR Assets 38,000 Bank 10,000 Stock 7,500 Debtors 11,500 Loan 6,000 Reserve 19,000 4,000 Capital's: Shaima Furniture Plant 10,000 Investment 28,000 10,000 Rahil 13,000 78,500 78,500

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