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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.
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